CLL_Art1340 - Taxpublishers.in

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The Tax Publishers Companies Act, 2013--Books of Account Perspective on Maintenance of Books of Account--Companies Act, 2013 and Listing Regulations Mehul Solanki The term 'books of account' has been defined under section 2(13) of the Companies Act, 2013. Section 128 of the Companies Act, 2013 governs the preparation and preservation of books of account of a Company. The Learned Author discusses the key provisions relating to the maintenance of Books of Account by the companies in this Article. 1. Introduction The term documentation being inclusive in nature encompasses in itself written and electronic records, audio and video tapes, emails, facsimiles, images (photographs and diagrams), charts, check lists, communication books, management reports, incident reports and working notes or any other type or form of documentation. Good documentation facilitates good corporate governance practices and compliance level of the company and also improves communication and dissemination of information between and across various stakeholders. Also, the good documentation practices and policies demonstrate the professional obligation, accountability and legal requirement to communicate and record client information and good secretarial practice. 2. What do you mean by books of account? The term 'books of accounts' has been defined under section 2(13) of the Companies Act. The definition is inclusive in nature and covers in its ambit records of all sums of money received and expended by a company and matters in relation to which the receipts and expenditure take place; all sales and purchases of goods and services by the company; the assets and liabilities of the company; and the items of cost as may be prescribed under section 148 in the case of a company which belongs to any class of companies specified under that section. Books of accounts includes records of: -- All sums of money received and expended and matters in relation to which the same take place -- All sales and purchases of goods and services -- The assets and liabilities -- Items of cost as may be prescribed under section 148 (if applicable) SUBSCRIBE FOR FULL CONTENT

The Tax Publishers

Companies Act, 2013--Books of Account

Perspective on Maintenance of Books of Account--Companies Act, 2013 and Listing Regulations

Mehul Solanki

The term 'books of account' has been defined under section 2(13) of the Companies Act, 2013. Section 128 of the Companies Act, 2013 governs the preparation and preservation of books of account of a Company. The Learned Author discusses the key provisions relating to the maintenance of Books of Account by the companies in this Article.

1. Introduction

The term documentation being inclusive in nature encompasses in itself written and electronic records, audio and video tapes, emails, facsimiles, images (photographs and diagrams), charts, check lists, communication books, management reports, incident reports and working notes or any other type or form of documentation.

Good documentation facilitates good corporate governance practices and compliance level of the company and also improves communication and dissemination of information between and across various stakeholders. Also, the good documentation practices and policies demonstrate the professional obligation, accountability and legal requirement to communicate and record client information and good secretarial practice.

2. What do you mean by books of account?

The term 'books of accounts' has been defined under section 2(13) of the Companies Act. The definition is inclusive in nature and covers in its ambit records of all sums of money received and expended by a company and matters in relation to which the receipts and expenditure take place; all sales and purchases of goods and services by the company; the assets and liabilities of the company; and the items of cost as may be prescribed under section 148 in the case of a company which belongs to any class of companies specified under that section.

Books of accounts includes records of:

-- All sums of money received and expended and matters in relation to which the same take place

-- All sales and purchases of goods and services

-- The assets and liabilities

-- Items of cost as may be prescribed under section 148 (if applicable)