{"id":28876,"date":"2020-02-13T15:52:29","date_gmt":"2020-02-13T10:22:29","guid":{"rendered":"https:\/\/enterslice.com\/learning\/?p=28876"},"modified":"2023-07-03T15:50:29","modified_gmt":"2023-07-03T10:20:29","slug":"form-aoc-4-cfs-companies-accounts-amendment-rules-2020","status":"publish","type":"post","link":"https:\/\/enterslice.com\/learning\/form-aoc-4-cfs-companies-accounts-amendment-rules-2020\/","title":{"rendered":"Companies (Accounts) Amendment Rules 2020- Filing of Financial Statements by NBFCs"},"content":{"rendered":"<p class=\"has-drop-cap\">The Ministry of Corporate Affairs or MCA on 30th January 2020 published Companies (Accounts) <a class=\"glossaryLink\"  aria-describedby=\"tt\"  data-cmtooltip=\"&lt;div class=glossaryItemTitle&gt;Amendment&lt;\/div&gt;&lt;div class=glossaryItemBody&gt;An &amp;quot;amendment&amp;quot; refers to the formal change or correction of a legal document, often involving additions, variations, or deletions to address irregularities or clarify points in an agreement.(...)&lt;\/div&gt;\"  href=\"https:\/\/enterslice.com\/learning\/terms\/amendment\/\"  data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]'>Amendment<\/a> Rules, 2020. These new rules amend the already existing Companies (Accounts) Amendment Rules, 2014. According to this new rule, the NBFCs or Non-Banking Financial Company will have to file the <strong><a href=\"https:\/\/enterslice.com\/learning\/audit-report-format-for-nbfc\/\">financial statements of the company<\/a><\/strong> with the Registrar together with Form AOC-4 <a class=\"glossaryLink\"  aria-describedby=\"tt\"  data-cmtooltip=\"&lt;div class=glossaryItemTitle&gt;NBFC&lt;\/div&gt;&lt;div class=glossaryItemBody&gt;Non-Banking Financial Companies (NBFC) operate similarly to banks but do not possess the legal status of a bank. Registered under the Companies Act 2013 and governed by the RBI Act&amp;#039;s section(...)&lt;\/div&gt;\"  href=\"https:\/\/enterslice.com\/learning\/terms\/nbfc\/\"  data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]'>NBFC<\/a> (Ind AS) and the consolidated financial statement, with Form AOC-4 CFS NBFC (Ind AS). These rules shall come into force on the date of their publication in the Official Gazette. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Meaning of Non-Banking Financial Company or NBFC<\/h2>\n\n\n\n<p><strong>Section 45-I (f) of the Reserve Bank of India (RBI) Act, 1934<\/strong><span id=\"easy-footnote-1-28876\" class=\"easy-footnote-margin-adjust\"><\/span><span class=\"easy-footnote\"><a href=\"https:\/\/enterslice.com\/learning\/form-aoc-4-cfs-companies-accounts-amendment-rules-2020\/#easy-footnote-bottom-1-28876\" title='&lt;a href=\"https:\/\/www.indiacode.nic.in\/handle\/123456789\/2398?sam_handle=123456789\/1362\"&gt;https:\/\/www.indiacode.nic.in\/handle\/123456789\/2398?sam_handle=123456789\/1362&lt;\/a&gt;'><sup>1<\/sup><\/a><\/span> defines NBFC or Non-Banking Financial Company. It includes Housing Finance Companies, Merchant Banking Companies, <strong><a href=\"https:\/\/enterslice.com\/microfinance-company-registration\">Micro Finance Companies<\/a><\/strong>, Mutual Benefit Companies, Venture Capital Fund Companies, Stock Broker or Sub Broker Companies, Nidhi Companies, Chit Companies, etc. Non-Banking Financial Company or NBFC offers banking services such as loans and credit facilities, retirement planning, currency exchange, underwriting, and merger activities. To run their business, NBFC needs to get a license from the Reserve Bank of India. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\">What are the New Amendments made under the Companies (Accounts) Rules,\n2020?<\/h2>\n\n\n\n<ul>\n<li>The new Companies (Accounts) Amendment Rules, 2020 shall come into force on the date of their publication in the Official Gazette.<\/li>\n\n\n\n<li>Rule 12(1A) related to the <strong>filing of financial statements<\/strong> and the fees to be paid thereon has been newly inserted.<\/li>\n\n\n\n<li>According to the Companies (Accounts) Amendment Rules, 2020, every Non-Banking Financial Company or NBFC shall comply with the <strong>Indian <a class=\"glossaryLink\"  aria-describedby=\"tt\"  data-cmtooltip=\"&lt;div class=glossaryItemTitle&gt;Accounting&lt;\/div&gt;&lt;div class=glossaryItemBody&gt;Accounting is the language of business, serving as the backbone of financial management and decision-making. It involves the systematic recording, analysis, and reporting of financial(...)&lt;\/div&gt;\"  href=\"https:\/\/enterslice.com\/learning\/terms\/accounting\/\"  data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]'>Accounting<\/a> Standards<\/strong> (Ind AS). The NBFCs shall file the financial statements along with Form AOC-4 NBFC and the consolidated financial report, if any, with Form AOC-4 NBFC (Ind AS).<\/li>\n\n\n\n<li>In the Annexure for NBFC Compliance, two new e forms are inserted, these are:<\/li>\n\n\n\n<li><strong>Form No. AOC-4 NBFC (Ind AS) &ndash;<\/strong>It is related to the form for filing the financial statement and other documents with the Registrar.<\/li>\n\n\n\n<li><strong>Form No. AOC-4 CFS NBFC (Ind AS) &ndash;<\/strong> This form is for filing of consolidated financial statements and other documents with the Registrar.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">What is Form AOC-4 in the Ministry of Corporate Affairs?<\/h2>\n\n\n\n<p>Financial Statements are the primary source through which the Board of Directors and shareholders evaluate the performance of the company. Form AOC-4 is basically for filing of the company&rsquo;s financial statement for every year with the Registrar of Companies. The company needs to fill the form within 30 days of its Annual General meeting. The companies under the XBRL or <strong>Extensible Business Reporting Language format<\/strong> can file financial statements through the Form AOC-4 XBRL.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">What is Form AOC-4 NBFC and Form AOC-4 CFS NBFC?<\/h2>\n\n\n\n<p>The new Companies (Accounts) Amendment Rules, 2020, has introduced two forms. The two forms are Form AOC-4 NBFC and Form AOC-4 CFS NBFC. Form AOC-4 NBFC and Form AOC-4 CFS NBFC relates to the filing of financial statements. These forms apply to NBFC or Non-Banking Financial Company. &nbsp;The newly introduced amended rules state that NBFCs have to file their financial statements to the Registrar, just like other companies. The financial statement for the Non-Banking Financial Company requires the same details as for Form AOC-4. The Form AOC-4 CFS NBFC is for filing of consolidated financial statements.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">What are the Details Required for Form AOC-4 NBFC?<\/h2>\n\n\n\n<p>The details required for Form AOC-4 NBFC are very similar to that of the Form AOC-4. Apart from that, the following information must be filled in the new <strong><a href=\"https:\/\/enterslice.com\/learning\/what-is-aoc-4-filing\/\">Form AOC-4 NBFC<\/a><\/strong>:<\/p>\n\n\n\n<ul>\n<li>The nature of the\nfinancial statement and all the details about it.<\/li>\n\n\n\n<li>The original date of the\nadjourned Annual General Meeting or AGM, in case the financial statement is\naccepted in that meeting.<\/li>\n\n\n\n<li>The Service Request\nNumber or SRN of Form INC-28 and of Form AOC-4 NBFC.<\/li>\n\n\n\n<li>The\nexact date of the competent Authority&rsquo;s order.<\/li>\n\n\n\n<li>The\nBalance sheet report of the financial assets and non-financial assets.<\/li>\n\n\n\n<li>The\nparticulars of the Service provider.<\/li>\n\n\n\n<li>An\naccurate Balance sheet on the statement of the changes in equity, investments,\nderivative financial instruments, debt securities, deposits, borrowings (apart\nfrom debt securities) and subordinated liabilities.<\/li>\n\n\n\n<li>Auditor&rsquo;s\nReport.<\/li>\n\n\n\n<li>A\ncomprehensive remark of the auditors.<\/li>\n\n\n\n<li>Applicability\nof Company Auditor&rsquo;s Report Order or CARO.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">What are the Primary Attachments Required in Form AOC-4 NBFC?<\/h2>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter\"><img decoding=\"async\" loading=\"lazy\" width=\"593\" height=\"377\" src=\"https:\/\/enterslice.com\/learning\/wp-content\/uploads\/2020\/02\/Required-in-Form-AOC-4-NBFC.png\" alt=\"Required in Form AOC-4 NBFC\" class=\"wp-image-28878\" srcset=\"https:\/\/enterslice.com\/learning\/wp-content\/uploads\/2020\/02\/Required-in-Form-AOC-4-NBFC.png 593w, https:\/\/enterslice.com\/learning\/wp-content\/uploads\/2020\/02\/Required-in-Form-AOC-4-NBFC-300x191.png 300w\" sizes=\"(max-width: 593px) 100vw, 593px\"\/><\/figure><\/div>\n\n\n<h2 class=\"wp-block-heading\">What are the Details Required for Form AOC-4 CFS NBFC?<\/h2>\n\n\n\n<p>The\ndetails for Form AOC-4 CFS NBFC are quite similar to that of the Form AOC-4\nCFS. <\/p>\n\n\n\n<p><strong><em>The newly introduced\nForm AOC-4 CFS NBFC requires the following information:<\/em><\/strong><strong><em><\/em><\/strong><\/p>\n\n\n\n<ul>\n<li>The date of adjourned\nAnnual General Meeting or AGM, if the financial statement is accepted in that\nmeeting.<\/li>\n\n\n\n<li>The <strong>SRN or Service Request Number of Form INC-28 and Form AOC-4 CFS NBFC<\/strong>\n(Ind AS).<\/li>\n\n\n\n<li>The original date of the\nCompetent Authority&rsquo;s Order.<\/li>\n\n\n\n<li>Balance Sheet of the\nfinancial assets and non-financial assets.<\/li>\n\n\n\n<li>A\ntransparent balance sheet on the statement of the changes in equity, derivative\nfinancial, instruments, investments, debt securities, borrowings (apart from\ndebt securities), deposits and subordinated liabilities.<\/li>\n\n\n\n<li>Comment of\nthe Auditor on the items under Company\nAuditor&rsquo;s Report Order or CARO.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">What are the essential Attachments Required in Form AOC-4 CFS NBFC?<\/h2>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter\"><img decoding=\"async\" loading=\"lazy\" width=\"605\" height=\"357\" src=\"https:\/\/enterslice.com\/learning\/wp-content\/uploads\/2020\/02\/Required-in-Form-AOC-4-CFS-NBFC.png\" alt=\"Required in Form AOC-4 CFS NBFC\" class=\"wp-image-28879\" srcset=\"https:\/\/enterslice.com\/learning\/wp-content\/uploads\/2020\/02\/Required-in-Form-AOC-4-CFS-NBFC.png 605w, https:\/\/enterslice.com\/learning\/wp-content\/uploads\/2020\/02\/Required-in-Form-AOC-4-CFS-NBFC-300x177.png 300w\" sizes=\"(max-width: 605px) 100vw, 605px\"\/><\/figure><\/div>\n\n\n<h2 class=\"wp-block-heading\">Certification of Form AOC-4 NBFC and Form Accounts of Companies (AOC)-4 CFS NBFC<\/h2>\n\n\n\n<p>The <a href=\"https:\/\/enterslice.com\/nbfc-registration\"><strong>NBFC<\/strong><\/a> Company must get a duly certified certificate by practicing professionals in Form AOC-4 NBFC and Form AOC-4 CFS NBFC. The NBFC Company should specify that:<\/p>\n\n\n\n<ul>\n<li>The\nrecords in both forms have been properly prepared and signed by the required officers\nof the company.<\/li>\n\n\n\n<li>The\nrecords are maintained as per the relevant provisions of the Companies Act,\n2013.<\/li>\n\n\n\n<li>All\nthe required attachments have been completely and legibly attached to the form.<\/li>\n\n\n\n<li>The\nPracticing professional for the purpose of certification can be:<\/li>\n\n\n\n<li>A Chartered Accountant (in-whole time\npractice)<\/li>\n\n\n\n<li>A Cost Accountant (in-whole time practice)\nor<\/li>\n\n\n\n<li>A Company Secretary (in- whole-time practice)<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">Why Enterslice?<\/h2>\n\n\n\n<p>Contact Enterslice for the <a href=\"https:\/\/enterslice.com\/nbfc-annual-compliance\"><strong>NBFC Compliance<\/strong><\/a> process. We have certified professionals who will help you in the filing of Form AOC-4 NBFC and Form AOC-4 CFS NBFC and help you in the end to end process of filing with the Registrar.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Takeaway<\/h2>\n\n\n\n<p>The Ministry of Corporate Affairs introduced new norms for NBFCs to bring it at par with other companies. Now every Non-Banking Financial Company is required to comply with the Indian Accounting Standards (Ind AS). NBFCs shall file their financial statements with the Registrar with Form AOC-4 NBFC and Form AOC-4 CFS NBFC. Non-Banking Financial Companies must file a financial report and consolidated financial statements like other companies. For submitting the financial statements professionals help is suggested. They will help you in filing both the forms and also in the certification process.<\/p>\n\n\n\n<p><em>Form AOC-4 NBFC (Ind\nAS) and Form AOC-4 CFS NBFC (Ind AS) can be accessed from the below link:<\/em><\/p>\n\n\n<a href=\"https:\/\/enterslice.com\/learning\/wp-content\/uploads\/2020\/02\/Rules_31012020.pdf\" class=\"pdfemb-viewer\" style=\"width: 767px; \" data-width=\"767\" data-height=\"max\" data-toolbar=\"bottom\" data-toolbar-fixed=\"on\">Rules_31012020<br><\/a>\n<p class=\"wp-block-pdfemb-pdf-embedder-viewer\"><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Ministry of Corporate Affairs or MCA on 30th January 2020 published Companies (Accounts) Amendment Rules, 2020. These new rules amend the already existing Companies (Accounts) Amendment Rules, 2014. According to this new rule, the NBFCs or Non-Banking Financial Company will have to file the financial statements of the company with the Registrar together with [&hellip;]<\/p>\n","protected":false},"author":27,"featured_media":28881,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[6],"tags":[],"acf":{"service_id":"57"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v14.6.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Form AOC-4 CFS - Companies (Accounts) Amendment Rules 2020<\/title>\n<meta name=\"description\" content=\"NBFCs will have to file the financial statements of the company with the Registrar together with Form AOC-4 CFS and the consolidated financial statement.\" \/>\n<meta name=\"robots\" content=\"index, follow\" \/>\n<meta name=\"googlebot\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta name=\"bingbot\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterslice.com\/learning\/form-aoc-4-cfs-companies-accounts-amendment-rules-2020\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Form AOC-4 CFS - Companies (Accounts) Amendment Rules 2020\" \/>\n<meta property=\"og:description\" content=\"NBFCs will have to file the financial statements of the company with the Registrar together with Form AOC-4 CFS and the consolidated financial statement.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterslice.com\/learning\/form-aoc-4-cfs-companies-accounts-amendment-rules-2020\/\" \/>\n<meta property=\"og:site_name\" content=\"Enterslice\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/enterslice\" \/>\n<meta property=\"article:published_time\" content=\"2020-02-13T10:22:29+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-07-03T10:20:29+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/enterslice.com\/learning\/wp-content\/uploads\/2020\/02\/Companies-Accounts-Amendment-Rules-2020.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"670\" \/>\n\t<meta property=\"og:image:height\" content=\"352\" \/>\n<meta name=\"twitter:card\" content=\"summary\" \/>\n<meta name=\"twitter:creator\" content=\"@enterslice\" \/>\n<meta name=\"twitter:site\" content=\"@enterslice\" \/>\n<!-- \/ Yoast SEO plugin. -->","authorName":"Deepti Shikha","authorImageUrl":"https:\/\/enterslice.com\/learning\/wp-content\/uploads\/2020\/01\/Deepti-Shikha.jpg","authorDescription":"Deepti is a Law graduate with an avid interest in reading and very proficient in summarizing legal cases. She has enough experience in handling legal affairs of the company. In the initial days of her career, she has worked as a legal researcher and has 3+ years of experience.","postViews":470,"readingTime":4,"nextPost":{"id":28891,"slug":"rbi-allows-cash-reserve-ratio-exemption-for-new-retail-msme-loans"},"prevPost":{"id":28871,"slug":"e-calculator-to-compare-due-tax-under-old-and-new-tax-regimes"},"featuredMediaUrl":"https:\/\/enterslice.com\/learning\/wp-content\/uploads\/2020\/02\/Companies-Accounts-Amendment-Rules-2020.jpg","postTerms":"NBFC","_links":{"self":[{"href":"https:\/\/enterslice.com\/learning\/wp-json\/wp\/v2\/posts\/28876"}],"collection":[{"href":"https:\/\/enterslice.com\/learning\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterslice.com\/learning\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterslice.com\/learning\/wp-json\/wp\/v2\/users\/27"}],"replies":[{"embeddable":true,"href":"https:\/\/enterslice.com\/learning\/wp-json\/wp\/v2\/comments?post=28876"}],"version-history":[{"count":0,"href":"https:\/\/enterslice.com\/learning\/wp-json\/wp\/v2\/posts\/28876\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterslice.com\/learning\/wp-json\/wp\/v2\/media\/28881"}],"wp:attachment":[{"href":"https:\/\/enterslice.com\/learning\/wp-json\/wp\/v2\/media?parent=28876"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterslice.com\/learning\/wp-json\/wp\/v2\/categories?post=28876"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterslice.com\/learning\/wp-json\/wp\/v2\/tags?post=28876"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}