Notification
(1)
Companies (Filing of Documents and Forms in
Extensible Business Reporting Language) Amendment Rules, 2016
MCA Notification – April 4, 2016
Amendment to the existing Companies (Filing of Documents and Forms in Extensible Business Reporting Language) Rules, 2015
Applicability:
Companies in
- Banking
- Insurance
- Power sector
- Non Banking Financial Companies
- Housing Finance Companies
Crux of the
Notification:
- This
notification exempts housing finance companies in addition to the exemption
provided to certain companies (Banking, Insurance, Power sector, Non Banking Financial Companies)
under Companies (Filing of Documents and Forms in
Extensible Business Reporting Language) Rule 2015 from filing their financials in XBRL.
Source:
(2) Amendment
in Schedule III of the Companies Act 2013
MCA Notification – April 6, 2016
Amendment to Schedule III of the Companies Act 2013
Applicability:
To all companies
Crux of the
Notification:
This notification makes the following amendments to Schedule III of the
Companies Act 2013:
a. The
following statement shall appear above the current heading in the Schedule III
of the Companies Act 2013
Financial statements for a company whose financial
statements are drawn up in compliance of the Companies (Indian Accounting
Standard) Rules, 2015
b. Division
II under Schedule III has been inserted to lay down general instructions for
preparation of financial statements of the company required to comply with Ind
AS.
Few general instructions are
as follows:
- Every
company to which Ind AS is applicable shall prepare the financials in
accordance with schedule III
- Where the
company is required to make such disclosures, additions, amendments,
substitutions or deletions or any other changes in the financial statements or
statement forming part thereof, the same shall be made and the requirements
under this Schedule shall stand modified accordingly.
- Depending
on the turnover the figures in the financial statements shall be rounded off as
below:
|
Turn
over
|
Less than 100 Crore
|
100 Crore or more
|
|
Rounding
off
|
To the nearest hundreds, thousand, lakhs or
millions, or decimals thereof.
|
to the nearest,
lakhs, million or crores or decimals thereof .
|
Source:
MCA Circular
(3)
Clarification with regard to Companies (Accounting Standards) Amendment Rules
2016
MCA Circular
General circular no: 4/2016 dated April 27, 2016
Applicability:
To all the companies
Crux of the Circular:
The Ministry has clarified that the amended accounting standards shall
be used for preparation of accounts for the accounting periods commencing on or
after the date of this notification. Ie. April 27, 2016.
Source:
(4)
Relaxation of additional fees and extension of last date of filing of various
e-forms under the Companies Act – reg.
MCA Circular
Circular No 03/2016 dated April 12, 2016
Applicability:
To all Companies
Crux of the Circular:
-
As the shareholders faced many issues at during the
launch of the system V2R2, the Ministry has decided to relax the additional fee
payable on e-forms that were due for filing by companies between March 25, 2016
to April 30, 2016.
-
Further no relaxation shall be given if such due
e-forms are filed after May 10, 2016.
Source
(5)
Others MCA information:
- MCA
has recently updated:
o
forms
namely INC-1, INC-7, DIR-3, MGT-6, FC-4
o
LLP
forms namely Form 3, Form 4, Form 8 and Form 15
- If for any reason the uploaded eform
was unsuccessful and where no option is available for making such payment
again, then ensure to cancel the SRN before refiling the same.
Source:
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