The Ministry of Corporate Affairs (“MCA”) has issued an Update dated September 26, 2022, clarifying the mandating Companies to round off Figures appearing in Financial Statements.
The MCA has said that, “CLARIFICATION: Amendment to Schedule III to the Companies Act, 2013 vide MCA Notification GSR. 207(E) dated March 24, 2021 mandates companies to round off the figures appearing in the Financial Statements depending upon their total income. However, if the companies provide absolute figures in e-forms ie. AOC-4, the same shall not be treated as incorrect certification by the Professionals.”
Source #MCA Portal
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