{"id":21423,"date":"2022-01-23T15:46:03","date_gmt":"2022-01-23T10:16:03","guid":{"rendered":"https:\/\/carajput.com\/blog\/?p=21423"},"modified":"2024-05-12T12:34:58","modified_gmt":"2024-05-12T07:04:58","slug":"all-about-signing-of-financial-statement-of-company","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/all-about-signing-of-financial-statement-of-company\/","title":{"rendered":"All About Signing of Financial Statement Of Company"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_58 counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<p class=\"ez-toc-title\">Page Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-69dcd6e89bbb2\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #000000;color:#000000\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #000000;color:#000000\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-69dcd6e89bbb2\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/carajput.com\/blog\/all-about-signing-of-financial-statement-of-company\/#All_About_Signing_of_Financial_Statement_Of_Company\" title=\"All About Signing of Financial Statement Of Company \n\">All About Signing of Financial Statement Of Company \n<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/carajput.com\/blog\/all-about-signing-of-financial-statement-of-company\/#Brief_Introduction\" title=\"Brief Introduction\">Brief Introduction<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/carajput.com\/blog\/all-about-signing-of-financial-statement-of-company\/#Adoption_of_Financial_Statements\" title=\"Adoption of Financial Statements\">Adoption of Financial Statements<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/carajput.com\/blog\/all-about-signing-of-financial-statement-of-company\/#Meaning_Definition_of_Financial_Statements\" title=\"Meaning\u00a0 &amp; Definition of Financial Statements\">Meaning\u00a0 &amp; Definition of Financial Statements<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/carajput.com\/blog\/all-about-signing-of-financial-statement-of-company\/#Preparation_of_Financial_Statemen\" title=\"Preparation of Financial Statemen\">Preparation of Financial Statemen<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/carajput.com\/blog\/all-about-signing-of-financial-statement-of-company\/#Signing_of_Financial_Statement\" title=\"Signing of Financial Statement\">Signing of Financial Statement<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/carajput.com\/blog\/all-about-signing-of-financial-statement-of-company\/#Adoption_Circulation_of_Financial_Statement\" title=\"Adoption &amp; Circulation of Financial Statement\">Adoption &amp; Circulation of Financial Statement<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/carajput.com\/blog\/all-about-signing-of-financial-statement-of-company\/#Boards_Report_Content\" title=\"Board\u2019s Report Content:\">Board\u2019s Report Content:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/carajput.com\/blog\/all-about-signing-of-financial-statement-of-company\/#Requirement_of_Directors_Signature\" title=\"Requirement of Directors Signature\">Requirement of Directors Signature<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/carajput.com\/blog\/all-about-signing-of-financial-statement-of-company\/#Mandatory_Signature_of_Company_Secretary\" title=\"Mandatory Signature of Company\u00a0Secretary\">Mandatory Signature of Company\u00a0Secretary<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/carajput.com\/blog\/all-about-signing-of-financial-statement-of-company\/#Signing_of_Financials_in_OPC\" title=\"Signing\u00a0of Financials in OPC\">Signing\u00a0of Financials in OPC<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/carajput.com\/blog\/all-about-signing-of-financial-statement-of-company\/#Electronic_Signing_of_Financial_Statements\" title=\"Electronic Signing of Financial Statements\">Electronic Signing of Financial Statements<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/carajput.com\/blog\/all-about-signing-of-financial-statement-of-company\/#Date_of_Signing_of_Financial_Statements\" title=\"Date of Signing of Financial Statements\">Date of Signing of Financial Statements<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/carajput.com\/blog\/all-about-signing-of-financial-statement-of-company\/#Signing_Dates_of_Financial_Statements_by_Directors_Auditors\" title=\"Signing Dates of Financial Statements by Directors &amp; Auditors\">Signing Dates of Financial Statements by Directors &amp; Auditors<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/carajput.com\/blog\/all-about-signing-of-financial-statement-of-company\/#Approval_of_Financial_Statement\" title=\"Approval\u00a0of Financial\u00a0Statement\">Approval\u00a0of Financial\u00a0Statement<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/carajput.com\/blog\/all-about-signing-of-financial-statement-of-company\/#Financial_Statement_Can_be_revised\" title=\"Financial Statement Can be revised\u00a0\">Financial Statement Can be revised\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/carajput.com\/blog\/all-about-signing-of-financial-statement-of-company\/#Different_of_Compulsory_Revision_Vs_Voluntary_Revision\" title=\"Different of Compulsory Revision Vs Voluntary Revision\">Different of Compulsory Revision Vs Voluntary Revision<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-18\" href=\"https:\/\/carajput.com\/blog\/all-about-signing-of-financial-statement-of-company\/#MCA_Update_as_on_24_Jan_2022\" title=\"MCA Update as on 24 Jan 2022\">MCA Update as on 24 Jan 2022<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"All_About_Signing_of_Financial_Statement_Of_Company\"><\/span><span style=\"color: #ff0000;\"><strong>All About Signing of Financial Statement Of Company<\/strong><\/span><strong><br \/>\n<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><a href=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2022\/01\/Signing-of-Financial-Statements-of-Companies-under-Companies-Act-2013...jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-21424\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2022\/01\/Signing-of-Financial-Statements-of-Companies-under-Companies-Act-2013..-300x113.jpg\" alt=\"All About Signing of Financial Statement Of Company\" width=\"844\" height=\"318\" srcset=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2022\/01\/Signing-of-Financial-Statements-of-Companies-under-Companies-Act-2013..-300x113.jpg 300w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2022\/01\/Signing-of-Financial-Statements-of-Companies-under-Companies-Act-2013..-1024x384.jpg 1024w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2022\/01\/Signing-of-Financial-Statements-of-Companies-under-Companies-Act-2013..-768x288.jpg 768w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2022\/01\/Signing-of-Financial-Statements-of-Companies-under-Companies-Act-2013..-800x300.jpg 800w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2022\/01\/Signing-of-Financial-Statements-of-Companies-under-Companies-Act-2013...jpg 1120w\" sizes=\"(max-width: 844px) 100vw, 844px\" \/><\/a><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Brief_Introduction\"><\/span><span style=\"color: #000080;\"><strong>Brief Introduction<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>The financial statement is one of the important documents of a corporate entity which is required to be prepare in every financial year and audited by the auditors of the corporate entity. The financial statement provides a summary of the company\u2019s assets, Liabilities and shareholders\u2019 equity.<\/li>\n<li>Financial statement is required to be prepared so that the shareholders can get an idea about the financial position and operation of the corporate.<\/li>\n<li>This information is utilized by the shareholders to gather information about the company\u2019s performance and hence can make decisions whether to take a position in such company or not.<\/li>\n<li>Every company, whether private or public, is required to submit an annual financial statement with the ROC in form AOC-4 and MGT-7 (together with any appropriate attachments) within six months after the end of the relevant financial year.<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"Adoption_of_Financial_Statements\"><\/span><span style=\"color: #000080;\"><strong>Adoption of Financial Statements<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>The company is required to adopt the financial statement within the AGM. The AGM of the corporate could be held within 6 months from the end of the relevant financial year i.e. 30th September.<\/li>\n<li>After signing the financial statement, including consolidated financial statement, if any, shall be circulated together with a copy each stakeholder.<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"Meaning_Definition_of_Financial_Statements\"><\/span><strong><span style=\"color: #000080;\">Meaning\u00a0 &amp; Definition of <\/span><\/strong><span style=\"color: #000080;\"><strong>Financial Statements<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Section 2 (40) of\u00a0the companies\u00a0Act 2013 states that the\u00a0financial statement\u00a0includes\u00a0the subsequent\u00a0items:<\/p>\n<ul>\n<li>Balance sheet;<\/li>\n<li>Profit and loss account, or in the case of a nonprofit organization, an income and expenditure account for the year<\/li>\n<li>Cash flow statement<\/li>\n<li>Statement in respect of changes in equity, and<\/li>\n<li>Annexure forming a part of the budget<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"Preparation_of_Financial_Statemen\"><\/span><span style=\"color: #000080;\"><strong>Preparation of Financial Statemen<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><a href=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2022\/01\/Filing-of-Financial-Statement.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-21425\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2022\/01\/Filing-of-Financial-Statement-300x158.jpg\" alt=\"Filing-of-Financial-Statement\" width=\"872\" height=\"459\" srcset=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2022\/01\/Filing-of-Financial-Statement-300x158.jpg 300w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2022\/01\/Filing-of-Financial-Statement.jpg 670w\" sizes=\"(max-width: 872px) 100vw, 872px\" \/><\/a><\/p>\n<ul>\n<li>The financial statement of the corporate shall be prepared in accordance with Schedule III of section 129 of the companies Act, 2013 and such plan laid before the shareholders at the Annual general meeting of the corporate.<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"Signing_of_Financial_Statement\"><\/span><span style=\"color: #000080;\"><strong>Signing of <\/strong><\/span><span style=\"color: #000080;\"><strong>Financial Statement<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>As per the provisions of Section 134 of Companies Act, 2013\u00a0financial statement\u00a0would be\u00a0signed by the following:<\/p>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li>Chairperson of the corporate (if he&#8217;s authorized by the board of directors) or<\/li>\n<li>By any 2 Directors of the said entity, one of which should be a Managing Director, and<\/li>\n<li>Chief Executive Officer\/ Company Secretary\/ Chief financial officer of the corporate (on the basis of their appointment within the Company.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p>Note: Chairperson of the corporate can sign the financial statements after authorized by the Board of directors regardless of whether he chaired the meeting or not.<\/p>\n<p>The signed financial statement submitted to the auditor then the auditor shall prepare an Auditors\u2019 report and also the same shall be attached to the financial statement.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Adoption_Circulation_of_Financial_Statement\"><\/span><span style=\"color: #000080;\"><strong>Adoption &amp; Circulation <\/strong><\/span><span style=\"color: #000080;\"><strong>of Financial Statement<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><a href=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2022\/01\/sign-financial-statements.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-21426\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2022\/01\/sign-financial-statements-300x169.jpg\" alt=\"Adoption &amp; Circulation of Financial Statement\" width=\"841\" height=\"474\" srcset=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2022\/01\/sign-financial-statements-300x169.jpg 300w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2022\/01\/sign-financial-statements-1024x576.jpg 1024w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2022\/01\/sign-financial-statements-768x432.jpg 768w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2022\/01\/sign-financial-statements-800x450.jpg 800w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2022\/01\/sign-financial-statements.jpg 1280w\" sizes=\"(max-width: 841px) 100vw, 841px\" \/><\/a><\/p>\n<p>Financial Statement must be adopted by the firm at the Annual General Meeting. The company&#8217;s Annual General Meeting\u00a0may well be\u00a0convened within six months of the financial year&#8217;s end, on September 30th.<\/p>\n<p>The\u00a0financial statement, including any consolidated financial statements, shall be circulated after signing,\u00a0along with\u00a0a duplicate\u00a0of each\u00a0of\u2014<\/p>\n<p style=\"padding-left: 40px;\">\u2022 the auditor\u2019s report; and<br \/>\n\u2022 any notes or annexure<\/p>\n<p style=\"padding-left: 40px;\">\u2022 the Board\u2019s report<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Boards_Report_Content\"><\/span><span style=\"color: #000080;\"><strong>Board\u2019s Report Content:<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"padding-left: 40px;\">\u2022 CSR Policy &amp; initiatives<br \/>\n\u2022 Address of Website of\u00a0the corporate.<br \/>\n\u2022 Statement of the Company\u2019s affairs.<br \/>\n\u2022 Details in respect of the Contracts or arrangements which have been entered into with the Related party, and the same be provided in Form No. AOC-2.<br \/>\n\u2022 Director\u2019s Responsibility statement.<br \/>\n\u2022 Details in respect of activity undertaken for the conservation or renewal of energy, technology and\u00a0information on the foreign exchange.<br \/>\n\u2022 Policy on Remuneration &amp; Director\u2019s Appointment.<br \/>\n\u2022 Any sought of adverse remarks, being received from the Secretarial Auditor in the Report or by\u00a0the internal auditor, along with their respective comment with regard to the remarks which have been made by the Board of Directors of the entity.<br \/>\n\u2022 Details of fraud Reported by auditor.<br \/>\n\u2022 Statement of Annual Evaluation<\/p>\n<p style=\"padding-left: 40px;\">\u2022 Declaration by Independent Directors.<\/p>\n<p style=\"padding-left: 40px;\">\u2022 No of Board Meetings.<\/p>\n<p style=\"padding-left: 40px;\">\u2022 Details of guarantees, loans or Investments.<\/p>\n<p style=\"padding-left: 40px;\">\u2022Amount carrying reserves or paid by Dividend.<\/p>\n<p style=\"padding-left: 40px;\">\u2022 CSR Policy and initiatives.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Requirement_of_Directors_Signature\"><\/span><span style=\"color: #000080;\"><strong>Requirement of Directors Signature<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The financial statement of the corporate is required to sign by two directors out of which one shall be managing director or by one director if the corporate has just one director.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Mandatory_Signature_of_Company_Secretary\"><\/span><span style=\"color: #000080;\"><strong>Mandatory Signature of Company\u00a0Secretary<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>As per Section 134(1),\u00a0the corporate\u00a0within which\u00a0the Whole-time Company Secretary is appointed, then\u00a0it&#8217;s\u00a0mandatory that the\u00a0financial statement\u00a0is signed from the Whole-time Company Secretary. Further if\u00a0the corporate\u00a0appointed Chief\u00a0executive officer\u00a0or Chief\u00a0financial officer\u00a0then the\u00a0financial statement\u00a0shall\u00a0even be\u00a0signed from them.<\/li>\n<li>Where the corporate doesn&#8217;t have a CFO and CS then only chairman can sign the financial statement. Where the corporate doesn&#8217;t have a chairperson or not authorized by the board, signing of financial statements by two directors one of which shall be managing director and the CFO, if he&#8217;s a director.<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"Signing_of_Financials_in_OPC\"><\/span><span style=\"color: #000080;\"><strong>Signing\u00a0of Financials in OPC<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Financial statement of One Person Company shall be signed by only one director.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Electronic_Signing_of_Financial_Statements\"><\/span><span style=\"color: #000080;\"><strong>Electronic Signing of Financial Statements<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The financial statement of the businesses can also be signed electronically with the Digital Signature of the directors, Chief Executive Officer\/ Company Secretary\/ Chief financial officer and also the Statutory Auditors of the corporate.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Date_of_Signing_of_Financial_Statements\"><\/span><span style=\"color: #000080;\"><strong>Date of Signing <\/strong><strong>of Financial Statements<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The date of signing of financial Statement including balance sheet, Profit &amp; Loss, cash flow Statement and other supporting Documents shall be the date which may either be before the date of signing of Audit report or can be the actual date of signing of audit report by the auditor.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Signing_Dates_of_Financial_Statements_by_Directors_Auditors\"><\/span><span style=\"color: #000080;\"><strong>Signing Dates <\/strong><strong>of Financial Statements by <\/strong><strong>Directors &amp; Auditors<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>The financial statements of the corporate after signed by the directors send to the Auditors for signing. Generally, it is observed that the auditors and directors sign the financial statement at different places and hence, the same tends to be undertaken at different dates.<\/li>\n<li>This means that the date of signing of financials by the auditors may be different from the date of signing by the directors.<\/li>\n<li>When the financial statement of the corporate is signed by both the directors and also by the Auditor, then the same be adopted by the shareholders within the Annual General Meeting of the corporate.<\/li>\n<\/ul>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-25551\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2022\/01\/photo_2023-10-21_18-16-14.jpg\" alt=\"signing of financial statements?\" width=\"908\" height=\"801\" srcset=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2022\/01\/photo_2023-10-21_18-16-14.jpg 908w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2022\/01\/photo_2023-10-21_18-16-14-300x265.jpg 300w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2022\/01\/photo_2023-10-21_18-16-14-768x677.jpg 768w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2022\/01\/photo_2023-10-21_18-16-14-800x706.jpg 800w\" sizes=\"(max-width: 908px) 100vw, 908px\" \/><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Approval_of_Financial_Statement\"><\/span><span style=\"color: #000080;\"><strong>Approval\u00a0of Financial\u00a0Statement<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>As per the provisions of Section 134(1)\u00a0financial statement\u00a0of\u00a0the corporate\u00a0shall be approved by the board of Directors in its meeting and signed on behalf of the board.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Financial_Statement_Can_be_revised\"><\/span><span style=\"color: #000080;\"><strong>Financial Statement Can be revised\u00a0<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Company is only allowed to file a revised <span style=\"color: #000080;\">Financial Statement<\/span>\u00a0once every FY. After receiving an order from the Tribunal, the Company can file a revised <span style=\"color: #000080;\">Financial Statement<\/span> with ROC, together with a copy of the ruling, provided that the Company can update the financial statements for any of the previous 3 Financial Years.<\/p>\n<p><span style=\"color: #000080;\">There is two kind of Financial Statement Can be revised like Compulsory Revision &amp; Voluntary Revision<\/span><\/p>\n<p><a href=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2022\/01\/Revision-of-Financial-Statement.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-21428\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2022\/01\/Revision-of-Financial-Statement-300x180.png\" alt=\"Revision-of-Financial-Statement in india\" width=\"883\" height=\"530\" srcset=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2022\/01\/Revision-of-Financial-Statement-300x180.png 300w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2022\/01\/Revision-of-Financial-Statement.png 587w\" sizes=\"(max-width: 883px) 100vw, 883px\" \/><\/a><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Different_of_Compulsory_Revision_Vs_Voluntary_Revision\"><\/span><span style=\"color: #000080;\"><strong>Different of Compulsory Revision Vs Voluntary Revision<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<table style=\"height: 564px;\" width=\"900\">\n<tbody>\n<tr>\n<td><strong>Basis of Difference<\/strong><\/td>\n<td><strong>Voluntary revision of Financial\u00a0Statement<\/strong><\/td>\n<td><strong>Compulsory revision of Financial\u00a0Statement<\/strong><\/p>\n<p><strong>\u00a0<\/strong><\/td>\n<\/tr>\n<tr>\n<td>Application Grounds<\/td>\n<td>Company can apply if the Financial Statement are not made or prepared as per the law.<\/td>\n<td>An application under this section can only be made if accounts are found to be fraudulent, misleading, or incorrect.<\/td>\n<\/tr>\n<tr>\n<td>Provision Governing<\/td>\n<td>It is governed under the provision of U\/s 131 of companies act<\/td>\n<td>It is regulated u\/s 130 of companies act<\/td>\n<\/tr>\n<tr>\n<td>Filing of Petition<\/td>\n<td>The Company through its representative such as practicing professionals can apply to the Tribunal for the revision of its statement.<\/td>\n<td>The central government, Income tax authority, SEBI, and such authorities can apply for revising the Financial Statements.<\/td>\n<\/tr>\n<tr>\n<td>Permissible revision<\/td>\n<td>Books cannot be revised for more than 3 preceding FY.<\/td>\n<td>Books of Director can be revised of up to 8 previous FY .<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><span style=\"color: #000080;\"><strong>Conclusion<\/strong><\/span><\/p>\n<ul>\n<li>In accordance with the Section 134 of\u00a0the companies\u00a0Act, 2013\u00a0financial statement\u00a0of\u00a0the corporate\u00a0must be\u00a0signed\u00a0accordance with\u00a0the rules\u00a0and\u00a0provisions of the Act.\u00a0it&#8217;s\u00a0mandatory\u00a0for each and every\u00a0company to follow the provisions of the Act.<\/li>\n<li>If the corporate fails to accommodates the provisions of signing of financial statements as mentioned within the Act, then the corporate shall be at risk of a penalty of INR 3 lakh and apart from this, each officer of the corporate who is in default shall be prone to a penalty of fifty thousand rupees and the concerned directors \/ officers of the corporate become liable to fine \/ imprisonment \/ both.<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"MCA_Update_as_on_24_Jan_2022\"><\/span><span style=\"color: #000080;\"><strong>MCA Update as on 24 Jan 2022<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>Annual General Meeting of company can be held 30.11.2021 as per AGM Extension provided by the MCA. Accordingly shorter notice agm can be done on 30.11.2021,<\/li>\n<li>Balance sheet can be signed lastly on 30.11.2021. UDIN is to be generated with 60 days of signing of balance sheet.<\/li>\n<li>Last date to generate UDIN is 28.01.2022 for signing the balance sheet.<\/li>\n<\/ul>\n<p><span style=\"color: #000080;\"><strong>Popular Articles :\u00a0<\/strong><\/span><\/p>\n<ul>\n<li><a href=\"https:\/\/carajput.com\/publications\/all-about-on-revised-schedule-iii-to-the-companies-act-2013.pdf\"><strong><span style=\"color: #000080;\">Revised-schedule III to the companies Act 2013<\/span><\/strong><\/a><\/li>\n<li><span style=\"color: #000080;\"><a style=\"color: #000080;\" href=\"https:\/\/carajput.com\/publications\/basic-of-different-types-of-meetings-as-per-company-law.pdf\"><strong>Various types of meetings requirements as per Company Law<\/strong><\/a><\/span><\/li>\n<li><span style=\"color: #000080;\"><em><a style=\"color: #000080;\" href=\"https:\/\/carajput.com\/blog\/know-about-foreign-direct-investment-in-india\/\"><strong>Advantages and know details about Startup India Scheme<\/strong><\/a><\/em><\/span><\/li>\n<li><span style=\"color: #000080;\"><a style=\"color: #000080;\" href=\"https:\/\/m.rbi.org.in\/Scripts\/FAQView.aspx?Id=95\">FAQ&#8217;s on Annual Return on Foreign Liabilities &amp; Assets (FLA)<\/a><\/span><\/li>\n<li><span style=\"color: #000080;\"><a style=\"color: #000080;\" href=\"https:\/\/carajput.com\/blog\/mca-proposes-change-in-process-of-obtaining-fresh-director-identification-number\/\">Process of obtaining fresh DIN<\/a><\/span><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>All About Signing of Financial Statement Of Company Brief Introduction The financial statement is one of the important documents of a corporate entity which is required to be prepare in every financial year and audited by the auditors of the corporate entity. The financial statement provides a summary of the company\u2019s assets, Liabilities and shareholders\u2019 &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[258],"tags":[1043],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/21423"}],"collection":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/comments?post=21423"}],"version-history":[{"count":5,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/21423\/revisions"}],"predecessor-version":[{"id":26596,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/21423\/revisions\/26596"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=21423"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=21423"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=21423"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}