Announcement on CARO, 2003 and additional reporting under the Companies Act, 2013

ICAI has hosted an announcement on its website on ‘Announcement on CARO, 2003 and additional reporting under the Companies Act, 2013’, which is as follows: “We are receiving queries from the members regarding applicability of CARO, 2003 along with Auditors’ Report on financial statements of companies for the financial year 2014-15. The Ministry of Corporate Affairs (MCA) is working on it and...

Final Report of the Sub-Committee on Private Corporate Sector including PPPs

Private Corporate Sector is one of the most important institutional sectors in Indian economy in terms of contribution to Gross Domestic Product (GDP), Gross Fixed Capital Formation (GFCF) and also Employment. The importance of this sector is increasing over the years. With a view to revise methodology of estimation of National Account Statistics (NAS) for the Private Corporate Sector at the time...

Clarification with regard to section 185 and 186 of the Companies Act, 2013 – loans and advances to employees-reg.

Clarification with regard to section 185 and 186 of the Companies Act, 2013 – loans and advances to employees-reg. This Ministry has received a number of references seeking clarification on the applicability of provisions of section 186 of the Companies Act, 2013 relating to grant of loans and advances by Companies to their employees. The issue has been examined and it is...

MCA notifies Ind AS

MCA has notified Companies (Indian Accounting Standards) Rules, 2015 which shall come into effect from 1 April 2015. The said rules require adoption for Indian Accounting Standards (Ind AS) : 1.From FY 15-16 : Any company can voluntary adopt Indian Accounting Standards from Financial year 15-16 with comparatives to be given for the period ending on 31 March 2015 or thereafter. 2....