MCA has issued various notifications under the Companies Act 2013, the details of which are outlined below:

Amendment in Rules

MCA vide its notification dated 4th September 2015 has amended the Companies (Accounts) Rules, 2014. The highlights of amendments is outlined below:

• Under rule 2(1), after clause (d), clause (da) shall be inserted

  (da) For the purpose of these rules , “Indian Accounting Standards" means the Indian Accounting Standards referred to in rule 3 and Annexure to the Companies (Indian Accounting Standards) Rules, 2015

• After rule 4, new rule 4A is introduced.

  Forms and items contained in financial statements. – The financial statements shall be in the form specified in Schedule III to the Act and comply with Accounting Standards or Indian Accounting Standards as applicable:

  Provided that the items contained in the financial statements shall be prepared in accordance with the definitions and other requirements specified in the Accounting Standards or the Indian Accounting Standards, as the case may be.”

• In rule 8, in sub-rule (3), the following proviso shall be inserted at the end, namely:-

  "Provided that the requirement of furnishing information and details under this sub-rule shall not apply to a Government company engaged in producing defence equipment."

  So, Government Company engaged in producing defence equipment will not be required to provide details with respect to conservation of energy, technology absorption and foreign exchange earnings and outgo, in their directors report.

• In rule 12, for sub-rule (1) the following sub-rule shall be substituted, namely:-

  "(1) Every company shall file the financial statements with Registrar together with Form AOC-4 and the consolidated financial statement, if any, with Form AOC-4 CFS."

  In addition to form AOC-4, now the companies which are required to consolidate its accounts will also be required to file a form AOC-4 CFS. Moreover new format of form AOC-4 has been issued in substitution of the existing form.

Amendment in Schedule II

MCA vide notification dated 4th September 2015 has amended the Schedule II to the Companies Act 2013. The details of amendments are outlined below:

In Part 1- Balance Sheet , following changes are being made:

• Under the heading "Equity and Liabilities", in para (4), for "(b) Trade payables" the following shall be substituted, namely:-

  "(b) Trade Payables:-
  (A) total outstanding dues of micro enterprises and small enterprises; and
  (B) total outstanding dues of creditors other than micro enterprises and small enterprises.".

• Under the heading "Notes: General Instructions for preparation of Balance Sheet", in para 6, after sub-para F the following shall be inserted, namely:-

  "FA. Trade Payables
  The following details relating to Micro, Small and Medium Enterprises shall be disclosed in the notes:-

  (a) the principal amount and the interest due thereon (to be shown separately) remaining unpaid to any supplier at the end of each accounting year;

  (b) the amount of interest paid by the buyer in terms of section 16 of the Micro, Small and Medium Enterprises Development Act, 2006, along with the amount of the payment made to the supplier beyond the appointed day during each accounting year;

  (c) the amount of interest due and payable for the period of delay in making payment (which have been paid but beyond the appointed day during the year) but without adding the interest specified under the Micro, Small and Medium Enterprises Development Act, 2006;

  (d) the amount of interest accrued and remaining unpaid at the end of each accounting year; and

  (e) the amount of further interest remaining due and payable even in the succeeding years, until such date when the interest dues above are actually paid to the small enterprise, for the purpose of disallowance of a deductible expenditure under section 23 of the Micro, Small and Medium Enterprises Development Act, 2006.

  Explanation.-The terms 'appointed day', 'buyer', 'enterprise', 'micro enterprise', 'small enterprise' and 'supplier', shall have the same meaning assigned to those under clauses (b), (d), (e), (h), (m) and (n) respectively of section 2 of the Micro, Small and Medium Enterprises Development Act, 2006. ".

Exemption to Government Company

In exercise of the powers conferred by the sub-section (6) of section 129 of the Companies Act, 2013, the Central Government vide notification dated 4th September 2015 directs that paras 5 (ii) (a) (1), 5 (ii) (a) (2), 5(ii)(e), 5 (iii), 5 (viii) (a), 5 (viii)(b), 5 (viii)(c) and 5 (viii) (e) relating to Additional Information of the General Instructions for preparation of Statement of Profit and Loss in Schedule III of the Companies Act, 2013 in respect of the financial years ending on or after the 31st March, 2016 shall not apply to government companies producing Defence Equipment including the Space Research subject to fulfilment of following conditions, namely:-

• The Board of Directors of the Company has given consent with regard to non-disclosure of information relating to paras 5(ii)(a)(1), 5(ii)(a)(2), 5(ii)(e),5(iii), 5(viii)(a),5(viii)(b), 5(viii)(c) and 5(viii)(e), as may be applicable;
• The Company shall disclose in the Notes forming part of the balance sheet and profit and loss account, the fact of grant of exemption under this notification;
• The company shall comply with the prescribed Accounting Standards;
• The company shall ensure that its financial statements represent a true and fair state of affairs of its finances; and
• The company shall maintain and file such information as may be prescribed or called for or required by the government or the Reserve Bank of India or any other regulator.