Board Report, or Directors Report as it was earlier known as, forms part of Annual Accounts of every Company as per Companies Act, 2013.
The newly issued Secretarial Standard – 4 prescribes a set of principles for making disclosures in the Report of the Board of Directors of a company and matters related thereto.
ICSI in its official release stated that “In order to promote the standard practices in preparation of Board’s Report, the ICSI has issued the Secretarial Standard on Report of Board of Directors (SS-4) effective from October 1, 2018 for VOLUNTARY ADOPTION by the Companies.”
Since, it is made effective from October 01, 2018 and most of the Companies will require to hold its Annual General Meeting on or before September 30, 2018, it is believed that the first implementation of SS-4 will be seen from Annual Reports of FY 2018-19. Hence, giving a time to Companies to understand and implement the same.
This is the 4th standard issued by the ICSI. Earlier the ICSI has issued following standards:
To access SS-4 on Board Report http://bit.ly/2IcSgWY
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