Sunday 30 March 2014

Companies Rules 2014 Highlights

Salient points of Company account rules 2014
1.) Till NFRA is constituted AS issued by ICAI in consultation with
NACAS to continue.
2.) Detailed requirement of the disclosures to be made in every board
report (public or private).
3.) Annual return to be filed in form AOC-4. Companies requiring XBRL
reporting to be notified.
4.) Following require compulsory Internal auditor appointment :-
a. Listed Company
b. Every Public company having
i. Share capital 50 crore or more OR
ii. Turnover greater than 200 crore OR
iii. Outstanding loan greater than 100 crore OR
iv. Outstanding deposit of greater than 25 crore.

c. Every private company
i. Turnover of greater than 200 crore OR
ii. Outstanding loan greater than 100 crore
d. Chartered accountant would mean whether in practice or not.
Source : Unknown

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