The Companies Act, 2013 – Provisions in Respect of Accounts – I


  1. Bird’s Eye View of Corresponding Provisions in The Companies Act, 2013 and The Companies Act, 2013
  2. Highlights of Changes in the Companies Act, 2013 vis-à-vis The Companies Act, 1956

Birds’s Eye View of Corresponding Provisions in The Companies Act, 2013 and The Companies Act, 2013

Heading The Companies Act, 2013 The Companies Act, 1956 Highlights of Changes
Books of Accounts, etc. to be kept by Company Section 128 Sections 209 and 214
  • Electronic Mode permitted
Financial Statement Section 129 Sections 210 and 211
  • Consolidated Financial Statements made mandatory, if the Company has one or more – Subsidiaries, Joint Ventures or Associates;
  • Consequently, the requirement to attach a Statement showing Holding Company’s Interest in subsidiary, is omitted.
Financial Year of Subsidiary Section 212
  • Omiited, because – The Companies Act, 2013 mandates uniform Financial Year of 1st April to 31st March for all companies.
Re-opening of Accounts on Court or Tribunal’s Orders Section 130
  • New Provision
Voluntary Revision of Financial Statements or Board’s Report Section 131
  • New Provision
Constitution of National Financial Reporting Authority Section 132 Section 210A [NACAS]
  • NACAS renamed NFRA ;
  • In addition to its Advisory Role, NFRA will be a quasi-judicial body having independent oversight over Chartered Accountants.
Central Government to prescribed Accounting Standards Section 133 Section 211(3C)
  • No change
Financial Statement, Board’s Report, etc Section 134 Section 215, 216 and 217
  • Additional / New Disclosures have been provided for in the Board’s Report
Corporate Social Responsibility Section 135
  • New Provision
Right of Member to Copies of Audited Financial Statement Section 136 Section 219
Copy of Financial Statement to be Filed with Registrar Section 137 Section 220
Internal Audit Section 138
  • New Provision

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