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A company’s statements must be filed with the registrar along with Form AOC-4 annually for each Financial Year, which means the period ends on the 31st day of March every year. However, an application made by a company, firm or corporate body, a subsidiary or holding of a company incorporated outside India followed a different financial year to consolidate its accounts outside India. The Tribunal allowed any period as its financial year.Rule 12 of Companies (Accounts) Rules, 2014, requires that every company files statements with the registrar in e-Form AOC-4 and Consolidated statements in e- Form AOC-4 CFS. It further states that the Central Government may occasionally notify such a class of companies that e-form is mandatorily filed their financial statement in XBRL format.
XBRL stands for “extensible business reporting language”. Ministry of Corporate Affairs, directed to filing various reports by the companies, introduced Companies (Filing of documents and forms in extensible business reporting language) Rules, 2015.
As per Rule 3, the companies filed their statements and documents under section 137 of the Act before the registrar in e-Form AOC-4 XBRL on the 1st day of April 2014, namely:
Therefore, companies coming under the set criteria stated under Companies (Filing of documents & Forms in Extensible Business Reporting Language) Rules, 2015, filed their financial statements and other relevant documents in e-form AOC-4 XBRL, and the rest of the companies may continue filing their statements in AOC-4 and AOC-4 CFS as the case may be. However, according to the proviso to Rule 3, companies in the banking, power sector, insurance, housing finance companies, and non-banking financial companies are exempted from XBRL filing.
Furthermore, AOC-4 CFS is the e-form for the companies required to prepare consolidated statements per the provisions of 129 (3) of the Companies Act, 2013.
The e-Form AOC-4 is described below:
INFORMATION AND PARTICULARS IN RESPECT OF THE BALANCE SHEET
Disclosure of particulars of contracts entered by the company with other parties mentioned in sub-section(1) of section 188 of the Act, 2013. The company is required to disclose this information only when the company enters into seven transactions mentioned in 188(1) (a) to (g).
In the case of a Govt. company, the Controller and Auditor General of India has supplemented the audit report under section 143 of Companies Act, 2013.
The guidance note intends to explain various features relating to financial statements under the Companies Act 2013. It is intended to guide the professionals in filing Form-AOC-4. A company’s statements include a balance sheet, profit and loss account, cash flow statements, and other explanatory notes.
Also Read:What is Financial Statement Analysis?Basic Concepts of Financial Statement Audit
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