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Impact Analysis
Financial statements
The Companies Act, 2013 has now defines the term
financial statements to include
Balance Sheet as at the end of the FY;
Profit and loss account, or in the case of a
company carrying on any activity not for profit,
an income and expenditure account for the FY;
Cash flow Statement for the FY;
A statement of changes in equity, if applicable;
The financial statement, with respect to OPC, small
company and dormant company, may not include
the cash flow statement
Rajeev Bhambri, FCS, LL.B., MBA (Finance)
Impact Analysis
The exemption from preparation of cash flow
Impact Analysis
All companies, except companies, which are holding/
Boards Report
The Companies Act, 2013 requires the inclusion of the
Impact Analysis
No longer exemption for banking companies from
Re-opening/revision of accounts
Re-opening & recasting of accounts on the Court
/Tribunals
order
after
application
by
C.Goverment, Income Tax Authorities, the SEBI,
any other statutory/ regulatory body or any
person concerned.
Voluntary revision of financial statements or
boards report in respect of any of the three
preceding financial years. For revision, a company
will need to obtain prior approval of the Tribunal.
Impact Analysis
There is a three-year time limit for voluntary revision
Depreciation
Depreciation
Depreciable
Amount
Residual Value
Useful Life
Extra Shift
Depreciation
Impact Analysis
Depreciation Rates not specified, hence need to be
Thank You