Businesses must maintain an unbroken record of all edits in their books of accounts and not disable the audit trail feature in their accounting software starting this financial year, marking a significant change in accounting regulations.
The ministry of corporate affairs has decided not to defer the requirement, first announced in 2021, for businesses any further, a person familiar with the government’s decision said.
“Companies were given two years to prepare and comply with this rule. Now the government is not extending it any further,” said the person, who spoke anonymously.
Companies (Accounts) Amendment Rules, 2021, which was modified twice later to give extra time for businesses to comply, stipulates that companies record an audit trail of all transactions in the accounting software used and capture the edit log of all changes along with the date of the change.
Bu hikaye Mint Mumbai dergisinin April 24, 2023 sayısından alınmıştır.
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Bu hikaye Mint Mumbai dergisinin April 24, 2023 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Giriş Yap
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