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Can a private ltd company adopting Jan-Dec as its financial year present the accounts and financial statements for the FY ended Dec 2014 as per the old Companies Act 1956 and follow depreciation as per Sch XIV of the old Act, since the provisions of Companies Act 2013 relating to accounts & financial statements as also Sch II & Sch III are effective for FY s beginning Apr 2014. Kindly clarify.

Section 129- Financial statement.

Posted By: Radha 10 year(s) ago

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Akansha

MCA vide circular no. 8/2014, made it clear that financial years that commenced earlier than 1st April, 2014 shall be governed by the relevant provisions/ Schedules/ rules of the Companies Act, 1956 and financial year which is going to commence on or after April 1, 2014 the provisions of the new Act shall apply. Thus, in the cited case company’s FY starts before April 1, 2014 and in such scenario it shall be governed by Companies Act, 1956.

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