India:
Demonetization - Companies To Disclose In Balance Sheet And Reporting thereof By Auditor – MCA Notification
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"On 30th
March 2017, Ministry of corporate affairs, New Delhi, has
notified as follows:
As per notification G.S.R. 308(E):
Every Company shall disclose the details of Specified Bank Notes
(SBN) held and transacted during the period from 8th November, 2016
to 30th December, 2016 under Notes to Accounts as per the format
referred in notification.
As per notification G.S.R. 307(E):
The Auditor also needs to form an opinion on the same that
whether the Company had provided requisite disclosures in its
financial statements as to holdings as well as dealings in
Specified Bank Notes (SBN) during the period from 8th November,
2016 to 30th December, 2016 and if so, whether these are in
accordance with the books of accounts maintained by the
Company.
Refer Enclosed Annexure for Disclosure format, proof of documents
as illustrated in the Document Checklist to substantiate disclosure
& corresponding Notification.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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