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June 2023

Ind AS/IGAAP – Interpretation and Practical Application

By Dolphy D’souza, Chartered Accountant
Reading Time 9 mins
COMPANIES (ACCOUNTS) RULES ON BACK-UPS
The Ministry of Corporate Affairs (MCA) vide its notification dated 5th August, 2022 has amended the Companies (Accounts) Rules, 2014 regarding books of accounts. Here, we discuss only the matters relating to back-ups, the change in back-up rules, management and auditor’s responsibility with respect to the same.
Rule 3(5) of the Companies (Accounts) Rules pre-amendment and post-amendment are set out below. RULE 3(5) PRE-AMENDMENT
There shall be a proper system for storage, retrieval, display or printout of the electronic records as the Audit Committee, if any, or the Board may deem appropriate and such records shall not be disposed of or rendered unusable, unless permitted by law: Provided that the back-up of the books of account and other books and papers of the company maintained in electronic mode, including at a place outside India, if any, shall be kept in servers physically located in India on a periodic basis. RULE 3(5) POST-AMENDMENT
There shall be a proper system for storage, retrieval, display or printout of the electronic records as the Audit Committee, if any, or the Board may deem appropriate and such records shall not be disposed of or rendered unusable,
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