Law Relating to Form AOC-1 (Under CA 2013)

[Sumit Binani]

Dear Professional Colleagues,

I have been receiving lots of queries pertaining to the requirement of preparation of AOC-1 for companies which have been exempted from preparation of CFS. Through this email, I am expressing my views on the same as follows.

First Proviso to Sec 129(3) - to be read with Rule 5 of Companies (Accounts) Rules, 2014

 

Provides that a company shall also attach along with its financial statement, a separate statement containing the salient features of the financial statement of its subsidiary or subsidiaries in such form as may be prescribed

 

[Rule 5 of Companies (Accounts) Rules, 2014: Form of Statement containing salient features of financial statements of subsidiaries -The statement containing the salient feature of the financial statement of a company‘s subsidiary or subsidiaries, associate company or companies and joint venture or ventures under the first proviso to sub-section (3) of section 129 shall be in Form AOC1]

Hence, even those companies which have been exempted from preparation of CFS for the financial year ended 31st March, 2015 are required to attach along with its financial statement, a separate statement containing the salient features of the financial statement of its subsidiary or subsidiaries (which includes associate and joint ventures) in prescribed form AOC-1

It may be noted that MCA has not exempted any specific class of companies from complying with the first proviso to Sec 129(3) and Rule 5 of Companies (Accounts) Rules, 2014. Therefore, in my opinion, Form AOC-1 is required to be attached along with the financial statements by all companies which have subsidiary/associate/joint venture. 

Also, AOC-1 is required to be certified in the same manner in which the Balance Sheet is to be ceritified.

Trust you shall find the above information useful.

Best Wishes & Regards

 

[Sumit Binani]

Financial Statements needs to be certified in terms of the provisions of S134(1)

AOC-1 need not be signed by the Auditor
Yes in case of unaudited latest BS, provide the last audited period
Yes AOC-1 date will be the BS signing date

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Date: Sat, 17 Oct 2015 23:39:07 +0530
Subject: Re: {CA AGARWAL RANJEET} Law Relating to Form AOC-1 (Under CA 2013)
From: pkmu...@gmail.com
To: sumit_...@hotmail.com

Under which provision of companies act , a balance sheet is certified .

Whether AOC. Need to be signed by auditor

What if the balance sheet of the associate has not been audited on the date of signing of balance sheet of parent - whether AOC 1 can be on the basis of  2014

If AOC is to be dated - will it be balance sheet signing date

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