tag:blogger.com,1999:blog-5623384825844985559.post8080163305083856231..comments2024-01-27T02:12:34.606-08:00Comments on Indian Company Law: The role of Books of Account while dealing with mismanagement under section 397 of Companies Act, 1956?V.D.RAOhttp://www.blogger.com/profile/07078529507247053909noreply@blogger.comBlogger1125tag:blogger.com,1999:blog-5623384825844985559.post-71073076589110906002023-02-21T18:30:34.737-08:002023-02-21T18:30:34.737-08:00The article highlights the importance of maintaini...The article highlights the importance of maintaining proper books of accounts for every company, and the need to record all transactions related to sales, purchases, expenses, receipts, liabilities, and assets. It also emphasizes the need for companies to maintain documentary proof in support of these transactions as per the law. The author mentions the requirements of the Companies Act, 1956, which mandates companies to present their annual accounts before the shareholders in the AGM and file them with the Registrar of Companies. <a href="https://www.sanluisobispoduiattorneys.com" rel="nofollow">San Luis Obispo DUI Attorney</a><br /><br /><br /><br /><br />The author also discusses the role of the Institute of Chartered Accountants of India (ICAI) in prescribing various standards for companies to follow while maintaining, presenting, and filing their accounts. The Accounting Standards (AS) prescribed by the ICAI deals with the principles to be followed and the disclosure requirements for various business organizations and companies. The author notes that while there is no exception when it comes to following the principles, the disclosure requirements are mandatory only for certain companies like listed public companies or companies exceeding prescribed turnover.<br /><br /><br /><br /><br />Overall, the article provides valuable information on the legal and regulatory requirements for companies to maintain proper books of accounts and present their annual accounts. It highlights the importance of following the standards prescribed by the ICAI and the need to maintain proper documentary proof to support the recorded transactions. The article serves as a reminder to companies of the importance of maintaining accurate financial records and complying with legal and regulatory requirements to ensure transparency and accountability in their financial reporting.Armagh Garden Sheds NIhttps://www.blogger.com/profile/08749268380996562425noreply@blogger.com