COMPANIES (REMOVAL OF
DIFFICULTIES) SEVENTH ORDER 2014
Ministry
of Corporate Affairs has issued “The Companies (Removal of Difficulties) Seventh
Order 2014 on 4th September 2014. This ROD is to amend the sub
section (5) of section 143 of the Companies Act, 2013. The amended sub section
is as below;
In
the case of a Government company, the Comptroller and Auditor-General of India
shall appoint the auditor under sub-section (5) or sub-section (7) of section
139 and direct such auditor the manner in which the accounts of the Government
company are required to be audited or any other company
owned or controlled, directly or indirectly, by the Central Government, or by
any State Government or Governments, or partly by the Central Government and
partly by one or more State Governments, the Comptroller and Auditor-General of
India shall appoint the auditor under sub-section (5) or sub-section (7) of
section 139 and direct such auditor the manner in which the accounts of the
company are required to be audited and thereupon the auditor so appointed shall submit a copy
of the audit report to the Comptroller and Auditor-General of India which,
among other things, include the directions, if any, issued by the Comptroller
and Auditor-General of India, the action taken thereon and its impact on the
accounts and financial statement of the company.
You can read the full text
of this order from the following links;
MCA CLARIFICATION ON
ACCOUNTING STANDARD (AS) 10 CAPITALIZATION OF COST
MCA
has vide its circular No. 35/2014 dated 27th August 2014, has issued
clarification w.r.t. capitalization of borrowing costs
incurred during extended delay in commercial production for reasons beyond the
developer’s control, and regarding whether capitalization of power plant should
be unit wise or project wise.
You can read the full
text of the this circular on the following link;
AMENDMENT IN SCHEDULE II
OF COMPANIES ACT, 2013 (USEFUL LIVES TO COMPUTE DEPRECIATION)
Ministry of corporate
affairs vide its notification dated 29th August 2014 has amended
schedule II of the Companies Act, 2013. The full text of the amendment can be
downloaded from the following link;
Thanks & Regards:
KASHIF ALI & ASSOCIATES
Company
Secretaries
268, Business India Complex,
Uday Park, New Delhi-110049
Call us : +91 9718483209
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