{"id":4106,"date":"2020-02-26T07:17:52","date_gmt":"2020-02-26T07:17:52","guid":{"rendered":"https:\/\/corpbiz.io\/learning\/?p=4106"},"modified":"2022-11-16T12:24:14","modified_gmt":"2022-11-16T06:54:14","slug":"filing-of-financial-statement-with-registrar","status":"publish","type":"post","link":"https:\/\/corpbiz.io\/learning\/filing-of-financial-statement-with-registrar\/","title":{"rendered":"Filing of Financial Statement with Registrar"},"content":{"rendered":"\n<p class=\"has-drop-cap\">Financial statements are considered to be the\nmandatory practice which every company requires to be published yearly, and\nreports are sent to the stakeholder and other various interested parties. The report\nconsists of Financial Statement, disclosure, board\u2018s reports and auditor\u2019s\nreport. Financial statements are the main means of communication between the Board\nof Directors and Shareholders. <\/p>\n\n\n\n<p>The provision of <strong><em>section 137 of Companies Act, 2013<\/em><\/strong><sup><a href=\"https:\/\/www.mca.gov.in\/content\/mca\/global\/en\/acts-rules\/companies-act\/companies-act-2013.html\"><em>[1]<\/em><\/a><\/sup> provides that copy of the financial statement shall be filed with the registrar. Let\u2019s discuss the financial statements in brief in this blog. <\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title ez-toc-toggle\" style=\"cursor:pointer\">Page Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" 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: #999;color:#999\" 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><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/corpbiz.io\/learning\/filing-of-financial-statement-with-registrar\/#What_are_the_Financial_Statements\" >What are the Financial\nStatements?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/corpbiz.io\/learning\/filing-of-financial-statement-with-registrar\/#What_are_the_kinds_of_Financial_Statements\" >What are the kinds of\nFinancial Statements?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/corpbiz.io\/learning\/filing-of-financial-statement-with-registrar\/#Filing_of_adopted_financial_Statement_of_companies\" >Filing of adopted financial\nStatement of companies<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/corpbiz.io\/learning\/filing-of-financial-statement-with-registrar\/#Filing_of_unadopted_financial_statements_of_companies\" >Filing of unadopted\nfinancial statements of companies<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/corpbiz.io\/learning\/filing-of-financial-statement-with-registrar\/#Filing_of_financial_Statement_by_one_Person_Company\" >Filing of financial Statement\nby one Person Company<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/corpbiz.io\/learning\/filing-of-financial-statement-with-registrar\/#Filing_of_Financial_Statement_of_Company_having_Subsidiary_Section_137_1\" >Filing of Financial\nStatement of Company having Subsidiary {Section 137 (1)}<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/corpbiz.io\/learning\/filing-of-financial-statement-with-registrar\/#Filling_of_Financial_Statements_if_AGM_has_not_held_Section_137_2\" >Filling of Financial\nStatements if AGM has not held {Section 137 (2)}<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/corpbiz.io\/learning\/filing-of-financial-statement-with-registrar\/#Penalties_for_not_filing_financial_statement\" >Penalties for not filing\nfinancial statement<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/corpbiz.io\/learning\/filing-of-financial-statement-with-registrar\/#Filing_of_financial_statements_using_XBRL_Taxonomy_Format\" >Filing of financial\nstatements using XBRL Taxonomy Format<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/corpbiz.io\/learning\/filing-of-financial-statement-with-registrar\/#Points_to_remember_while_filing_Financial_Statement_by_XBRL\" >Points to remember while filing Financial Statement by XBRL<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/corpbiz.io\/learning\/filing-of-financial-statement-with-registrar\/#Conclusion\" >Conclusion<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_are_the_Financial_Statements\"><\/span>What are the Financial\nStatements?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Section 129 of Companies Act, 2013 provides\nthe preparation of a financial statement. Further, Financial statements are the\nwritten records that convey business activities and the financial performance\nof the company. Financial statement includes the balance sheet, profit and loss\naccount\/income, expenditure account, cash flow statement of changes in equity\netc. <\/p>\n\n\n\n<p>Section 129 provides that the financial\nstatements shall give a true and fair view of the current condition of the\ncompany. Also, states that reports shall comply with the accounting standards\nmentioned in new inserted section 133. <\/p>\n\n\n\n<p>Further, the financial statements shall be\nprepared in the form as prescribed in new schedule II of the Companies Act,\n2013.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_are_the_kinds_of_Financial_Statements\"><\/span>What are the kinds of\nFinancial Statements?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><em><strong>There are mainly four kinds of Financial Statement;<\/strong><\/em><\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter\"><img decoding=\"async\" width=\"1024\" height=\"683\" src=\"https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2020\/02\/kinds-of-Financial-Statements-1024x683.png\" alt=\"kinds of Financial Statements\" class=\"wp-image-4120\" srcset=\"https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2020\/02\/kinds-of-Financial-Statements-1024x683.png 1024w, https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2020\/02\/kinds-of-Financial-Statements-300x200.png 300w, https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2020\/02\/kinds-of-Financial-Statements-768x512.png 768w, https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2020\/02\/kinds-of-Financial-Statements.png 1200w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure><\/div>\n\n\n\n<p><strong><em>Balance\nSheet;<\/em><\/strong><\/p>\n\n\n\n<p>A balance sheet shows the financial position\nof business till the date sheet was prepared. Information in the balance sheet\nis divided into the general classification of equity, assets and liabilities.\nMost issuance of the financial statement is included in the balance sheet. <\/p>\n\n\n\n<p><strong><em>Income Statement;<\/em><\/strong><\/p>\n\n\n\n<p>Income statements are the reports that\nprovide the financial performance of the company. Statements begin with sales\nof the entire reporting period than all expenses incurred during that year are\nsubtracted to take out the net profit and loss.<\/p>\n\n\n\n<p><strong><em>Cash flow\nstatements <\/em><\/strong><\/p>\n\n\n\n<p>Cash Flow statements reveal the cash inflow\nand outflow experienced by the company. The cash flow statements are further\ndivided into three classifications; <\/p>\n\n\n\n<ul><li>Operating\nactivities<\/li><li>Investing\nactivities<\/li><li>Financing\nactivities <\/li><\/ul>\n\n\n\n<p><strong><em>Statement of\nShareholder Equity <\/em><\/strong><\/p>\n\n\n\n<p>A change in equity during the reporting year\nis mentioned in the statement of shareholder equity. Changes such as issuance\nand purchase of shares, dividends issued, and profit and losses are defined in\nthis report.&nbsp; <\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Filing_of_adopted_financial_Statement_of_companies\"><\/span>Filing of adopted financial\nStatement of companies <span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>According to Section 137, subsection (1), one\ncopy of the financial statements, including consolidated financial statement,\nif any, together shall be filed with the registrar along with the all\ndocuments. Statements shall be duly adopted at the annual general meeting of\nthe company. <\/p>\n\n\n\n<p>Within 30 days of the date of the annual general meeting, such statements are required to be filed. For standalone statements, Rule 12 has prescribed Form AOC-4 (for standalone statements) and AOC-4 CFS (for consolidated statements). Forms are required to be filed in Extensible Business Reporting Language (XBRL) format. <\/p>\n\n\n\n<p class=\"text-left\"><b>Read our article<\/b>:<mark style=\"background: #fffd03 !important;\"><a href=\"https:\/\/corpbiz.io\/learning\/basic-financial-statements\/\">What are the Basic Financial Statements?<\/a><\/mark><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Filing_of_unadopted_financial_statements_of_companies\"><\/span>Filing of unadopted\nfinancial statements of companies <span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>&nbsp;First proviso to Section 137 subsection (1)provides that in case where <a href=\"https:\/\/corpbiz.io\/learning\/basic-financial-statements\/\"><strong>financial statements<\/strong><\/a> are not adopted in annual general meeting such un adopted financial than such statements along with the documents which are required to be annexed to the financial statement shall be filed with the registrar within 30 days from the date of annual general meeting. Such filings will be taken on record as provisional till the filing of the adopted financial statements.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Filing_of_financial_Statement_by_one_Person_Company\"><\/span>Filing of financial Statement\nby one Person Company <span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The\nthird proviso of Section 137 (1), states that a One Person Company shall file a\ncopy of financial statement duly adopted by its members, within 180 days of\nclosure of the financial year.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Filing_of_Financial_Statement_of_Company_having_Subsidiary_Section_137_1\"><\/span>Filing of Financial\nStatement of Company having Subsidiary {Section 137 (1)}<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>A\nCompany shall file the financial statement of its subsidiary or subsidiaries which have\nbeen incorporated outside India or which are not established at their business\nplace in India.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Filling_of_Financial_Statements_if_AGM_has_not_held_Section_137_2\"><\/span>Filling of Financial\nStatements if AGM has not held {Section 137 (2)}<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>In case where AGM has not been held for any\nyear, the statements along with the reason for not holding the meeting shall be\nfiled along with the required documents within the 30days of the date when\nannual meeting shall be held with the ROC.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Penalties_for_not_filing_financial_statement\"><\/span>Penalties for not filing\nfinancial statement<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Under\nsection 137(1) or section 137 (2), if the company fails to file the Financial\nStatement they shall face the following mentioned penalties;<\/p>\n\n\n\n<ol><li>The company shall be punishable with fine 1000, and if the failure continues then not fine shall be not exceeding the amount more than 10 lakhs;<\/li><li>Managing director of the company, or chief financial officer of the company, or a person who is responsible for complying with the provision of section 137 shall be punished with<\/li><\/ol>\n\n\n\n<ul><li>Imprisonment for the time of 6 months which may extend;<\/li><li>Fine, not less than 1 lakh rupees, which can extend to 5 lakhs;<\/li><li>Both fine and Imprisonment.<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Filing_of_financial_statements_using_XBRL_Taxonomy_Format\"><\/span>Filing of financial\nstatements using XBRL Taxonomy Format<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>According\nto rule 3 of companies rule, below mentioned companies should file their\nfinancial statements and other documents with the registrar in e- form AOC XBRL\nfor the financial year using XBRL Taxonomy format; namely <\/p>\n\n\n\n<ul><li>Companies\nlisted with any stock exchange and their Indian subsidiaries <\/li><li>Companies\nhaving their paid-up capital 5 crores or above ;<\/li><li>Companies\nhaving a turnover of 100 crores and above;<\/li><li>Companies\ncovered under the Companies (Filing of documents and forms in extensible\nbusiness reporting language)rule, 2011.<\/li><\/ul>\n\n\n\n<p>However,\ncompanies in Banking, Insurance, Non- banking financial companies and power\nsector companies are exempted from XBRL Filing.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Additional Compliances for\nListed Companies&nbsp; <\/h3>\n\n\n\n<p>Along\nwith the above, the listed company, according to Regulation 34 of SEBI shall\nsubmit the annual reports to the stock exchange with 21 working days after\nreceiving the approval in AGM.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Points_to_remember_while_filing_Financial_Statement_by_XBRL\"><\/span>Points to remember while filing Financial Statement by XBRL<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>&nbsp;Following Points are required to be considered\nwhile filing <\/p>\n\n\n\n<p><strong>&nbsp;\nPart A, Particulars in respect of Balance sheet <\/strong><\/p>\n\n\n\n<ol><li><strong>Firstly enter the Company\u2019s CIN<\/strong>.<\/li><\/ol>\n\n\n\n<ul><li>In the next step, you will find the pre-filled button where the Name, registered office, email ID and date of incorporation will be pre-filled. The change in any information can be updated. Number of Members and authorized capital as on the date of filing will be automatically filled. <\/li><li>Now, enter the start date and end date of the financial year.<\/li><li>Further, enter the Date of the Board of Directors\u2019 meeting in which the financial statements and Boards\u2019 report duly approved.<\/li><li>Now, enter the date of signing of reports on the financial statements by the auditors.<\/li><li>In this step, furnish the details date of signing of reports on the financial statements by the auditors in AGM.<\/li><li>The particular of subsidiary companies has to be entered.<\/li><li>Details of auditor such as Name, membership number of the auditor\/auditor\u2019s firm\u2019s registration number and address has to be filled in.<\/li><\/ul>\n\n\n\n<p><strong>Information\nin respect of Balance sheet <\/strong><\/p>\n\n\n\n<p>This\npart consists of various details in regards to the balance sheet and the\nfinancial parameters of the balance sheet. <\/p>\n\n\n\n<p><strong>Information\nand Particulars in respect of Profit &amp; Loss Account<\/strong><\/p>\n\n\n\n<ul><li>Particulars related to Profit &amp; Loss Account and the financial parameters have to be filled here.<\/li><\/ul>\n\n\n\n<p><strong>Reporting of Corporate Social\nResponsibility<\/strong><\/p>\n\n\n\n<ul><li>As per Section 135 of the Companies Act 2013, mention the applicability of&nbsp;CSR as per and the rules along with the turnover and net worth.<ul><li>Report the average Net profit of the company for the last three financial years.<\/li><li>Information on expenses in tabular format needs to be furnished.<\/li><li>If the expenses are related to the assistance provided to the implementing agencies, the Name, address and email address of such agencies have to be mentioned.<\/li><\/ul><\/li><\/ul>\n\n\n\n<p><strong>Disclosure about related party transactions<\/strong><\/p>\n\n\n\n<ul><li>Details of the contracts company have entered into on arm\u2019s length basis and where the company has entered without arm\u2019s length basis the details should be furnished in a detailed manner.&nbsp; <\/li><\/ul>\n\n\n\n<p><strong>Auditor\u2019s Report<\/strong><\/p>\n\n\n\n<ul><li>According to section 143 of the Companies Act 2013, if the audit report has commented\/supplemented, the report has to be mentioned. (only in case of govt. company)<\/li><li>&nbsp;Adverse remarks made by the auditor and the applicability of CARGO to the company needs to mention.&nbsp; <\/li><\/ul>\n\n\n\n<p><strong>Miscellaneous<\/strong><\/p>\n\n\n\n<ul><li>Under section 134(3), detailed disclosure of director report and applicability of secretarial audit needs to be covered.<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span>Conclusion<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The financial report is information provided to potential investors, which make them understand how the company is performing. &nbsp;It also determines the health and stability of the company, which can even help the company to understand how the company conduct it\u2019s business. For taking investment decision financial statements are one of the major tools. Hence, the company should file its financial report within the prescribed manner and in time.<\/p>\n\n\n\n<p class=\"text-left\"><b>Read our article<\/b>:<mark style=\"background: #fffd03 !important;\"><a href=\"https:\/\/corpbiz.io\/learning\/voluntary-revision-of-financial-statement\/\">Voluntary Revision of Financial Statement<\/a><\/mark><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Financial statements are considered to be the mandatory practice which every company requires to be published yearly, and reports are sent to the stakeholder and other various interested parties. The report consists of Financial Statement, disclosure, board\u2018s reports and auditor\u2019s report. Financial statements are the main means of communication between the Board of Directors and [&hellip;]<\/p>\n","protected":false},"author":9,"featured_media":4119,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[128],"tags":[134],"acf":{"service_id":"0"},"authorName":"Shailza Sharma","authorImageUrl":"https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2019\/10\/IMG-20190927-WA0001-150x150-22.jpg","authorDescription":"Miss Shailza Sharma, BA. LLB graduate from Himachal Pradesh University. She holds an experience of 2.5 years in various Legal companies and organizations.","postViews":14902,"readingTime":5,"_links":{"self":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/4106"}],"collection":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/comments?post=4106"}],"version-history":[{"count":16,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/4106\/revisions"}],"predecessor-version":[{"id":50720,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/4106\/revisions\/50720"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/media\/4119"}],"wp:attachment":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/media?parent=4106"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/categories?post=4106"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/tags?post=4106"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}