The Companies (Accounts) second Amendment Rules, 2021

Apr 06, 2021 | by Avantis RegTech Legal Research Team

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Secretarial Compliance

The Ministry of Corporate Affairs (MCA) on April 1, 2021 has issued the Companies (Accounts) second Amendment Rules, 2021 to further amend the Companies (Account) Rules, 2014.

The amendments are made in Rule 3(1) of the Companies (Accounts) Rules, 2014 which specifies the books of account and other relevant books and papers maintained in electronic mode shall remain accessible in India to be usable for subsequent reference.

“Provided that for the financial year commencing on or after the “1st day of April 2022”, every company which uses accounting software for maintaining its books of account, shall use only such accounting software which has a feature of recording audit trail of each transaction, creating an edit log of each change made in books of account along with the date when such changes were made and ensuring that the audit trail cannot be disabled” has been subsituted. 

 


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