Insurance

Companies notice, 2011 Provisions relating to Accounts and analyse| Subject :| Company Law| Month-Year :| Jan 2012| communication channel/s :| P. N. Shah Chartered Accountant| Topic :| Companies broadsheet, 2011 Provisions relating to Accounts and scrutinize| Article Details :| The Companies visiting card, 2009, was introduced in the Lok Sabha on 3rd August, 2009. It was referred to the counterweight Committee of Finance which submitted its report on 31st August, 2010. later on consideration of the recommendations of the Standing Committee and suggestions of various chambers of commerce, schoolmaster bodies and others, the Government has made changes in the original bill and successive introduced a revised Companies snout, 2011, in the Lok Sabha on 14th December, 2011. This Bill provide replace the 55- grade-old Companies Act, 1956 (existing Act). The sassy Bill proposes to introduce far-reaching changes which volition have impact on the registrati on of companies, management and political sympathies of companies, shargonholders rights, directors responsibilities, maintenance of accounts and size up of companies and other provisions relating to mergers, acquisitions, winding up of companies, etc. The unfermented Bill is divided into 29 Chapters and contains 470 sections and 7 Schedules.

The new Bill is likely to be considered and adopted in the Budget pedantic term of the Parliament in March, 2012 and may come into deposit on the date to be notified by the Government. In this article, most heavy provisions in the new Bill relating to Accounts and visit are discussed.2. Accounts of companiesSections 128 to 138 deal with acco unts to be maintained by all told companies! . It is provided in section 128 that every company shall maintain books of accounts on mercenary system of accounting system. These provisions are on the aforementioned(prenominal) lines as provisions in section 209 of the existing Act. At present, a company can adopt any accounting year for maintaining its accounts. It is now provided that all companies will have to honour alike accounting...If you want to get a full essay, guild it on our website: OrderEssay.net

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