What are provisions relating to financial statements under the new Companies Act, 2013?

Section 129(1) of the companies act, 2013 provides that the financial statements (i) shall give a true and fair view of the state of affairs of the company or companies, (ii) comply with the accounting standards notified under S.

What are the provisions of the Companies Act 2013?

What are the types of financial statements as per the Companies Act 2013?

Section 129 of companies act 2013, provides for preparation of financial statements. 2. 2(40) to include balance sheet, profit and loss account/income and expenditure account, cash flow statement, statement of changes in equity and any explanatory note annexed to the above.

Under which provision of Companies Act, 2013 company is defined?

(i) Sub-section (68) of section 2: Registrar of Companies may register those Memorandum and Articles of Association received till 11.9. 2013 as per the definition clause of the 'private company' under the Companies Act, 1956 without referring to the definition of 'private company' under the “said Act”.

What are the provisions of Companies Act, 2013 regarding maintenance of accounts?

Section 128 of Companies Act, 2013 has defined a specified period for the maintenance of the Company's Books of Account. They are as follows: Every company shall keep the books of account in good order relating to a period which must not be less than eight FY immediately preceding a Financial Year; or.

FINANCIAL STATEMENT (SECTION 129) OF COMPANIES ACT 2013

What are the legal provisions relating to audit in the Indian Companies Act, 2013?

Examine the following: “Section 139(1) of the Companies Act, 2013 provides that every company shall, at the first annual general meeting appoint an auditor who shall hold office till the conclusion of its sixth annual general meeting”. HINT: Refer Section 139(1) of Companies Act, 2013.

Which new type of company was introduced in Companies Act, 2013?

One Person Company (OPC).

This company is defined under section 2(62) of the Companies Act, 2013. This Act brought the concept of One Person Company in which even a single person can constitute a company. OPC was introduced to encourage corporatization for small businesses.

When was New company Act 2013 implemented?

The Companies Act, 2013 passed by the Parliament has received the assent of the President of India on 29th August, 2013. The Act consolidates and amends the law relating to companies. The Companies Act, 2013 has been notified in the Official Gazette on 30th August, 2013.

How many clauses are there in Companies Act, 2013?

The 2013 Act is divided into 29 chapters containing 470 clauses as against 658 Sections in the Companies Act, 1956 and has 7 schedules.

What is financial statement as per Companies Act?

Section 2 (40) of the companies Act 2013 states that the financial statement includes the following items: Balance sheet; Profit and loss account, or in the case of a nonprofit organization, an income and expenditure account for the financial year. Cash flow statement.

What are the main headings of company's balance sheet according to Companies Act, 2013?

What are the different types of financial statements?

There are four main financial statements. They are: (1) balance sheets; (2) income statements; (3) cash flow statements; and (4) statements of shareholders' equity. Balance sheets show what a company owns and what it owes at a fixed point in time.

What is the new Companies Act?

The new Act allows the business rescue practitioner to suspend or cancel parts of or whole agreements to which the company is a party. 49 This essentially allows the business rescue practitioner to 'cherry-pick' the agreements and the provisions of these agreements to which the company will continue to be bound.

How new Companies Act, 2013 is different from Companies Act 1956?

In Companies Act 1956, only public financial institution, public sector banks or scheduled bank with main object of financing were allowed to issue there shelf prospectus but now Companies Act 2013 provides that the government shall prescribe the types of companies that can issue shelf prospectus.

Which section of the Companies Act 2013 contains provisions regarding contents of the audit report?

Signing of audit reports- Section 145

a. The auditor shall sign the audit report or sign or certify any other document of the company in accordance with the provisions of Section 141(2) of the Companies Act, 2013 ( Sec.

Which of the Companies Act 2013 deals with the powers and duties of the auditors of companies?

This article is written by Megha Bhatia. Sections 138 to 148 of the Companies Act deal with accounts, audit and auditors. These provisions will have far reaching implications for the audit profession.

What is audit and its types under Companies Act, 2013?

Cost Audit under Companies Act, 2013

Cost Audit is a genuine review of the accounting and records to be maintained according to Cost Accounting Standards. Only a Practicing Cost Accountant or a firm of cost accountant can be appointed as cost auditor and shall conduct cost audit of the company.

Which accounting method is Recognised by Companies Act, 2013?

Under The Companies Act 2013, all the companies are required to maintain their books of accounts according to the accrual basis of accounting.

What is Section 129 of Companies Act, 2013?

(a) in the case of an insurance company, any matters which are not required to be disclosed by the Insurance Act, 1938 (4 of 1938), or the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999);

What are the provisions of Companies Act 1956?

Regulation of Companies

3.2. 1 The Companies Act, 1956 empowers the Central Government to inspect the books of accounts of a company, to direct special audit, to order investigation into the affairs of a company and to launch prosecution for violation of the Companies Act, 1956.

What are the 5 main financial statements?

What are the 5 elements of financial statement?

What are the 5 components of financial statements?

How prepare financial statements as per Companies Act, 2013?