Preparation & Filing of Financial Account for the Financial year ending
31-03-2014
Provisions of the Companies Act, 2013 relating to maintenance of book of account,
preparation, adoption &. filing of financial statements (and documents required to
be attached thereto), Auditors reports and the Board of Directors report (Board’s
report) have been brought into force with effect from 1st April, 2014. Provisions of
Schedule II (Useful lives to compute depreciation) and Schedule III (Format of
financial statements) have also been brought into force from that date.
Financial statement is defined u/s 2(40) as under :-
“Financial statement” in relation to a company, includes –
(i) a balance sheet as at the end of the financial year;
(ii) a profit and loss account, or in the case of a company carrying on any activity
not for profit, an income and expenditure account for the financial year;
(iii) cash flow statement for the financial year;
(iv) a statement of changes in equity, if applicable; and
(v) any explanatory note annexed to, or forming part of, any document referred to
in sub-clause (i) to sub-clause (iv):
Provided that the financial statement, with respect to One Person Company, small
company and dormant company, may not include the cash flow statements;
It has been clarified vide general circular no 8/2014 dt. 04-04-2014 that:-
“It is hereby notified that the financial statements (and documents required to be
attached thereto), auditor’s report and Board’s report in respect of financial year
that commenced earlier than 1st April, 2014 shall be governed by the relevant
provisions/Schedules/rules of the Companies Act, 1956”
Thus it’s clear that the Financial statement for the Financial year ending 2014 shall
be governed by the relevant provisions/Schedules/rules of Companies Act, 1956.

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