The Ministry of Corporate Affairs (MCA) has indicated their plan to revise AOC “ 4 (XBRL) and AOC-4 (CFS) forms following the revision of AOC-4 form. The major amendment will be the inclusion of mandatory Corporate Social Responsibility (CSR) and The Companies Auditor’s Report Order (CARO)-related information. The CARO-2016 which is a revision of CARO-2015 will be applicable to more companies now than in the previous years as its scope of application has widened. It will also include additional reporting requirements thereby increasing the responsibility of statutory auditors preparing reports in compliance with the provisions of section 143 of the Companies Act, 2013.
Earlier this year, the MCA had notified stakeholders that the Commercial & Industrial (C&I) Taxonomy will undergo a change owing to the changes in CARO requirements, for the XBRL filings of the FY 2015-16. These revisions would be finalized and ready for deployment along with the revised AOC-4(XBRL) eForm, by September 2016.
In light of these changes, the MCA has decided to extend the filing deadline of AOC-4, AOC-4 (XBRL), AOC-4 (CFS) and MGT-7 under Companies Act 2013 (MCA General Circular No. 08/2016 dated 29-Jul-16). Companies with financial years commencing on or after 01-April-2014 must use the revised forms. Companies whose due date of holding Annual General Meeting falls on or after 01-April-2016 can now make use of this favourable deadline extension and plan to complete their financial statement and Annual Return filing on or before 29-Oct-2016 without being subjected to penalty.
About DataTracks: DataTracks is a global leader in preparation of financial statements in XBRL and iXBRL formats for filing with regulators. With a track record of over 10 years, DataTracks prepares more than 12,000 XBRL statements annually for filing with regulators such as SEC in the United States, HMRC in the United Kingdom, Eurofiling compliance reports in Europe, Revenue in Ireland, MCA in India and ACRA in Singapore. DataTracks provides world-class services with its team of certified accountants experienced in US GAAP, UK GAAP, India GAAP and IFRS.
The views expressed are that of the authors and DataTracks is not responsible for the contents or views expressed therein. If any part of this blog is incorrect, inappropriate or violates the IP rights of any person or organization, please alert us at firstname.lastname@example.org. We will take immediate action to correct any violation. To find out more about DataTracks, visit www.datatracks.in or send an email to email@example.com