Disclosures in the financial statements-seminar of WIRC on & May, By Jayesh Gandhi
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1 Disclsures in the financial statements-seminar f WIRC n & May, By Jayesh Gandhi 1) Cash Flw Statement - Cash flw statements is cvered under the definitin f financial statements Sectin 2(40) f the Cmpanies Act, Earlier, Cash flw statement was exempted SMC - Fllwing entity are exempted frm cash flw statement One persn cmpany - As per sec 2(62) f The CA, 2013 One Persn Cmpany means a cmpany which has nly ne persn as a member. Small Cmpany - a cmpany, ther than a public cmpany, i) paid up capital f which des nt exceed R. 50 lacs r ii) turnver f which as per its last prfit and lss accunt des nt exceed Rs. 2 Crre. - N frmat is prescribed in Schedule III t the CA, 2013, the cash flw statement shall be prepared in the frmat prescribed in the AS-3 Cash Flw Statement nly. - Treatment f exchange difference n lan taken/given and cash and cash equivalents - Capital advance need t adjust in investing activity and nt peratinal activity. - FD fr less than 3 mnths needs t be part f cash and cash equivalents. 2) Operating cycle - An asset shall be classified as current when it satisfies any f the fllwing criteria: (a) it is expected t be realised in, r is intended fr sale r cnsumptin in, the cmpany s nrmal perating cycle; (b) it is held primarily fr the purpse f being traded; (c) it is cash r cash equivalent unless it is restricted frm being exchanged r used t settle a liability fr at least twelve mnths after the reprting date. All ther assets shall be classified as nn-current. - An perating cycle is the time between the acquisitin f assets fr prcessing and their realisatin in cash r cash equivalents. Where the nrmal perating cycle cannt be identified, it is assumed t have duratin f twelve mnths.
2 3) Accunting Plicies Fllwings are the majr accunting plicies which required t be disclsed. Change in Accunting plicy - Any change in accunting plicies and impact n prfit/lss required t disclsed under summary f significant accunting plicies Tangible and intangible fixed assets - The Cmpany may prvide depreciatin n the basis f useful life prvided in Schedule II f the Cmpanies Act, It can estimate higher r lwer useful life by prviding disclsure f type f assets and justificatin fr the same. Revenue recgnitin - Revenue is recgnised t the extent it is prbable that the ecnmic benefits will flw t the Cmpany and the revenue can be reliably measured. - Revenue is required t be recrded nly whether there is risk and reward has transferred t custmer. - Accunting plicy fr interest and dividend required t be disclsed like Interest incme is recgnised n a time prprtin basis taking int accunt the amunt utstanding and the rate applicable. Dividend incme is recgnised when the Cmpany s right t receive dividend is established by the balance sheet date. Incme Tax - Plicy fr MAT credit entitlement required t be disclsed. - Minimum alternate tax (MAT) paid in a year is charged t the Statement f Prfit and Lss as current tax. - In the year in which the Cmpany recgnizes MAT credit as an asset in accrdance with the Guidance Nte n Accunting fr Credit Available in respect f Minimum Alternative Tax under the Incme-tax Act, 1961, the said asset is created by way f credit t the Statement f Prfit and Lss and shwn as MAT Credit Entitlement. - The Cmpany recgnizes MAT credit available as an asset nly t the extent that there is cnvincing evidence that the Cmpany will pay nrmal incme tax during the specified perid, i.e., the perid fr which MAT credit is allwed t be carried frward. - The Cmpany reviews the MAT credit entitlement asset at each reprting date and writes dwn the asset t the extent the Cmpany des nt have cnvincing evidence that it will pay nrmal tax during the specified perid. 4) Cnslidatin f financial statements
3 Disclsures in the financial statements-seminar f WIRC n & May, By Jayesh Gandhi - Sub Sectin (3) f Sectin 129 f the Cmpanies Act, 2013 mandates every cmpany t prepare a cnslidated financial statement fr all the Cmpanies having ne r mre subsidiaries. - Applicability f Cnslidated Financial Statement (CFS) Private Limited Cmpany Public Unlisted Cmpany Listed Cmpany - Prepare a cnslidated financial statement f the cmpany and f all the subsidiaries in the same frm and manner as that f its wn which shall als be laid befre the annual general meeting f the cmpany alng with the laying f its financial statement. The prvisins f this Act applicable t the preparatin, adptin and audit f the financial statements f a hlding cmpany shall, mutatis mutandis, apply t the cnslidated financial statements. - The Cmpany shall als disclse statement in the cnslidated financial statements as per Schedule III f the Cmpanies Act, 2013, which cntains Name f the entity Net assets and Share in prfit r lss (In Rs And % f ttal) - Subsidiary shall include assciate cmpany and jint venture under Sectin 129 f the Cmpanies Act, Principle adpted by the Cmpany fr cnslidatin required t disclse in accunting plicy and disclsure f gdwill r capital reserve. 5) Related Party Transactins - Name f the related party and nature f the related party relatinship where cntrl exists shuld be disclsed irrespective f whether r nt there have been transactins between the related parties. - Related party required t be identified under AS-18 and 2(76) f the Cmpanies Act, Fllwings are the minimum disclsure requirements (i) the name f the transacting related party; (ii) a descriptin f the relatinship between the parties; (iii) a descriptin f the nature f transactins; (iv) vlume f the transactins an amunt f transactins
4 (v) the amunts f utstanding items at the balance sheet date and prvisins fr dubtful debts; and (vi) amunts written ff r written back - If the transactin is mre than 10% f the ttal related party transactins f the same type then it need t shw separately else it can be clubbed. 6) CSR Activity (Sectin 135 f the Cmpanies Act, 2013) Applicable t fllwing cmpanies - Every Cmpany having netwrth f Rs. 500 Cr r mre r - Turnver f Rs. 1,000 Cr r mre r - Net prfit f Rs. 5 Cr f mre Cmpany need t spend 2% f avg net prfits f three immediate preceding financial year. Avg net prfit need t calculate as per Sectin 198 f the Cmpanies Act, Amunt need t spent and amunt has been spent need t disclsure in ntes t the financial statements 7) Due t Micr and Small Enterprises and therwise Fllwing disclsures required under Sectin 22 f the Micr, Small and Medium Enterprises Develpment Act, If the amunt is delayed fr mre than 45 days r as per the cntract terms whichever is earlier. - Principal amunt and interest due theren remaining unpaid t any supplier as at end f accunting year. - Amunt f interest t MSME parties during the year with amunt due r subsequently. - The amunt f interest accrued but nt paid - Amunt f interest n deductible under Incme tax - Interest payable is 3 times the bank rate
5 Disclsures in the financial statements-seminar f WIRC n & May, By Jayesh Gandhi 8) Managerial Remuneratins - Applicable t public cmpany - Disclsures relating managerial remuneratins and cmputatin f net prfits as laid dwn in Sectin 198 f the Cmpanies Act, 2013 is nt required. - Sectin 197 f the Cmpanies Act, 2013 prvides a way t pay managerial remuneratin in case f Cmpany s having adequate prfits. - The Cmpany has t calculate whether the there is adequate prfit t pay managerial remuneratins. - A Public Cmpany can pay remuneratin t its directrs including Managing Directr s and Whle-time Directrs, and its managers which shall nt exceed 11% f the net prfit as calculated in a manner laid dwn in sectin 198 f the Cmpanies Act, Wherein a Cmpany in which there is ne Managing Directr; Whle-time Directr r manager the remuneratin t be payable shall nt exceed 5% f net prfits and where there are mre than ne f such Directrs remuneratin payable shall nt exceed 11 % f the net prfit. - In case there is the cmpany having n prfit r inadequate prfit, the Cmpany can pay maximum Rs. 60 lacs per annum per persn plus 0.01% f the effective capital withut central gvernment apprval. - The amunt can be dubled with special reslutin and ther cnditins. 9) Hedged / Unhedged expsure in freign currency Disclsure shuld cntain fllwing infrmatin s - Disclsure f derivative instruments used fr hedging and amunt f currency hedged. - Details f unhedged freign currency expsure bifurcated int payable and receivables - Ideally t disclsure in freign currency and in rupees als. - If there is hedging f highly prbable f future transactins that need t give separately. 10) Disclsure u/s. 186(4) f the Cmpanies Act, Cmpany t disclse in the Financial Statement the full particulars f the lan given, investments made, security prvided and guarantee given. - Full particulars include
6 Name f the Party, Rate f interest, Due date f repayment, amunt utstanding as n date and previus year end, any charge n the assets, etc. - The Cmpany shall als disclse in its Reprt abut its purpse. 11) Emplyee benefits AS-15 Shrt-term Emplyee Benefits Althugh this Standard des nt require specific disclsures abut shrt-term emplyee benefits, ther Accunting Standards may require disclsures. Pst-Emplyment Benefits: Defined Cntributin Plans - An enterprise shuld disclse the amunt recgnised as an expense fr defined cntributin plans - Where required by AS 18 Related Party Disclsures an enterprise disclses infrmatin abut cntributins t defined cntributin plans fr key management persnnel. Pst-Emplyment Benefits: Defined Benefits Plans - An enterprise shuld disclse the fllwing infrmatin abut defined benefit plans: (a) the enterprise s accunting plicy fr recgnising actuarial gains and lsses. (b) a general descriptin f the type f plan. (c) a recnciliatin f pening and clsing balances f the present value f the defined benefit bligatin shwing separately, - As per para 120 (m) f AS-15, If there is medical cst fr the pst-emplyment benefits, Impact f 1% increase r decrease need t disclse.
7 Disclsures in the financial statements-seminar f WIRC n & May, By Jayesh Gandhi - As per para 120 (n) f AS-15, the amunts fr the current annual perid and previus fur annual perids f: the present value f the defined benefit bligatin, the fair value f the plan assets and the surplus r deficit in the plan; and the experience adjustments arising n: (A) the plan liabilities expressed either as (1) an amunt r (2) a percentage f the plan liabilities at the balance sheet date, and (B) the plan assets expressed either as (1) an amunt r (2) a percentage f the plan assets at the balance sheet date. - As per para 120 () f AS-15, the emplyer s best estimate, as sn as it can reasnably be determined, f cntributins expected t be paid t the plan during the annual perid beginning after the balance sheet date. - Categries f investments need t disclse 12) Brrwings Secured r unsecured Brrwings frm banks r related parties Terms f repayment Interest rate Security charged Lan guaranteed by directrs 13) Share capital Shares in the cmpany held by each sharehlder hlding mre than 5 per cent, shares specifying the number f shares held. Earlier disclsure required was fr perpetuity and nw nly fr last five years fr Aggregate number and class f shares alltted as fully paid-up pursuant t cntract(s) withut payment being received in cash and Aggregate number and class f shares alltted as fully paid-up by way f bnus shares. Terms f any securities cnvertible int equity/preference shares issued Calls unpaid (shwing aggregate value f calls unpaid by directrs and fficers). Frfeited shares (amunt riginally paid-up).
8 14) Fixed assets Previus year figures fr each line item t be given and nt sufficient if it is given n an aggregate basis. 15) Segment Reprting All the segments having revenue / results / assets is less than 10% f an aggregate then the same needs t be clubbed and disclse under separate clumn as Others. Tangible and intangible assets needs t disclse Any nn-cash expenses like Depreciatin and amrtisatin expenses needs t disclse
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