Advisory Services
Audit
Consulting
ESG Advisory
RBI Registration
SEBI Registration
IRDA Registration
FEMA Advisory
Compliances
IBC Services
VCFO Services
Growing
Developing
ME-1
ME-2
EU-1
EU-2
SE
Others
Select Your Location
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.
Table of Contents
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
Minakshi Bindhani has completed LL.M. with a specialization in Criminal Law from Madhusudan Law University, Cuttack, Odisha. She is more inclined toward legal research and writing and have prior experience in Civil and Criminal litigation and content writing.
The Financial Action Task Force, i.e. FATF (the Force), is the global money laundering and terr...
Advance tax refers to the payment of the tax liability before the end of the relevant financia...
On 11.12.15, the Hon’ble Delhi High Court (HC) pronounced a landmark judgement in the case ti...
Money laundering can be defined as the process of illegal concealment of the origin of money ob...
Every assessee in India is obligated to file an income tax return and make the timely payment o...
In the recent past, India has seen burgeoning demand for internet and smartphones. The rapid ri...
The Securities and Exchange Board of India (SEBI), the capital markets regulator, has recommend...
The objective of the enactment of the Prevention of Money-laundering Act, 2002, i.e. PMLA (the...
Tax planning is a continuing effort and a management strategy for ensuring the minimization of...
On 18th May 2023, the Securities Exchange Board of India (SEBI) released a Consultation Paper o...
Are you human?: 6 + 9 =
Easy Payment Options Available No Spam. No Sharing. 100% Confidentiality
The Finance and Accounting (F&A) process include various components. One of the most important ones is Record t...
26 Dec, 2017
How important are accurate financial statements for companies? The value for people who own and operate the company...
15 Dec, 2017
Red Herring Top 100 Asia enlists outstanding entrepreneurs and promising companies. It selects the award winners from approximately 2000 privately financed companies each year in the Asia. Since 1996, Red Herring has kept tabs on these up-and-comers. Red Herring editors were among the first to recognize that companies such as Google, Facebook, Kakao, Alibaba, Twitter, Rakuten, Salesforce.com, Xiaomi and YouTube would change the way we live and work.
Researchers have found out that organization using new technologies in their accounting and tax have better productivity as compared to those using the traditional methods. Complying with the recent technological trends in the accounting industry, Enterslice was formed to focus on the emerging start up companies and bring innovation in their traditional Chartered Accountants & Legal profession services, disrupt traditional Chartered Accountants practice mechanism & Lawyers.
Stay updated with all the latest legal updates. Just enter your email address and subscribe for free!
Chat on Whatsapp
Hey I'm Suman. Let's Talk!