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SS-4 on Board Report notified by ICSI

After issuing SS1, SS2 and SS3, today ICSI notified Secretarial Standard on Board Report effective from October 1, 2018. Currently it is voluntary for adoption by the Company

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:

Disclaimer: This material and the information contained herein are prepared by JMJA & Associates LLP, Practising Company Secretaries (JMJA) is intended to provide general information on a particular subject or subjects and is not an exhaustive treatment of such subject(s). None of JMJA, its associate firms, or its members/employees is, by means of this material, rendering professional advice or services. The information is not intended to be relied upon as the sole basis for any decision which may affect you or your business. Before making any decision or taking any action that might affect your personal finances or business, you should consult a qualified professional adviser. JMJA shall not be responsible for any loss whatsoever sustained by any person who relies on this material.

 

Categories: CA, CS, CMA
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