Extension Granted for Reporting Annual Accounts

Nov. 2 – Public-private limited companies in India are required to file their annual accounts as per the new rules; the format has been revised and is mandated the companies to prepare as per the Schedule VI of Companies Act, 1956. This attempt, along with the inclusion of reporting in extensible business reporting language (XBRL) on the part of regulatory authorities, has brought the companies on par with international reporting standards.

The stricter Ministry of Corporate Affairs is in favor of the reporting format; equally they are lenient with extending the time limits for filing for the companies, pertaining to the first time filing of such advanced versions of annual filings. The Ministry of Corporate Affairs has extended the due date for filing e-forms 23AC (Non-XBRL) and 23ACA (Non XBRL) as per the new Schedule VI in the following manner without any additional fee:

• For companies holding Annual General Meetings (AGM) or whose due date for holding AGMs is on or before September 20, 2012, the time limit will be November 3, 2012 or due date of filing, whichever is later.
• For companies holding AGMs or whose due date for holding AGMs is on or after September 21, 2012, the time limit will be November 22, 2012 or due date of filing, whichever is later.

This is in addition to the earlier extension of the time limit for filing the forms.

Furthermore, the Ministry has extended the filing of e-form 23B for intimating the appointment of auditor to the Registrar of Companies for FY2012-13 without any additional fee till December 23, 2012 or the due date of filing, whichever is later.

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