AOC 4 for NBFCs
Earlier this year, The Ministry of Corporate Affairs issued a notification announcing amendment to the Companies (Accounts) Rules, 2014 , that all Non-Banking Financial Companies (NBFC) that are required to comply with the Indian Accounting Standards (Ind AS) must file their financial statements along with newly introduced Form AOC-4 NBFC (Ind AS) and Form AOC-4 CFS NBFC (Ind AS)
The amendment made to Rule 12 of the Companies (Accounts) Rules, 2014 now includes a sub rule 1A referring to the NBFCs
“12. Filing of financial statements and fees to be paid thereon : (1) Every company shall file the financial statements with Registrar together with Form AOC-4. (1A) Every Non-Banking Financial Company (NBFC) that is required to comply with Indian Accounting Standards (Ind AS) shall file the financial statements with Registrar (ROC) together with Form AOC-4 NBFC (Ind AS) and the consolidated financial statement, if any, with Form AOC-4 CFS NBFC (Ind AS)”
The companies that are classified as NBFC’s are:
- Financial institution.
- Nidhi and chit fund companies
- Housing finance companies.
- Merchant banking companies.
- Non-banking institutions having lending & acceptance of deposits as its principal business activity.
The table below is a snapshot of the classes of NBFCs required to comply with the new requirements.
|Applicable to||Net Worth (INR)||New forms applicable for accounting periods|
|All NBFCs and their holding subsidiary, joint venture or associate companies||500 Crore or more||Starting on or after 1 April 2018|
|Equity or Debt NBFCs , listed or in the process of listing and their holding, subsidiary, joint venture or associate companies||Less than 500 crore||Starting on or after 1 April 2019|
and their holding, subsidiary, joint venture or associate companies
|Less than 500 crore but more than 250 crore||Starting on or after 1 April 2019|
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