Security
& Exchange Board of India
CIRCULAR No.
CIR/CFD/CMD/15/2015,
Dated-November 30, 2015
To
All
Listed Entities
All
Recognized Stock Exchanges
Dear
Madam / Sir,
Sub.: Formats for publishing
financial results
1.
In order to enable investors to make well-informed investment decisions,
timely, adequate and accurate disclosure of financial results on a periodical
basis is critical. At the same time, to ensure comparability, uniformity and
parity in disclosures made by listed entities across stock exchanges is
essential.
2.
Towards this end, Regulation 33 of the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015 (hereinafter referred to as “the listing
Regulations, 2015”), has prescribed various disclosures to be filed under
various provisions contained therein in the formats as may be specified by the
Board.
3. Formats:
a)
The quarterly financial results shall be presented in the format prescribed at
Annexure I for companies other than banks and that prescribed at Annexure II
for banks.
b)
Manufacturing, trading and service companies, which propose to follow functional
(secondary) classification of expenditure in the annual profit and loss
account, shall furnish quarterly financial results in the alternative format
prescribed at Annexure III. The alternative format shall be used only if such
format is used consistently from the first quarter of the financial year.
c)
If the company has more than one reportable primary segment in terms of
Accounting Standard (‘AS’) 17/ Indian Accounting Standard (‘Ind AS’) 108
mandated under Section 133 of the Companies Act, 2013 read with rules framed
thereunder or issued by ICAI, it shall also submit quarterly and annual segment
information as part of financial results in the format given in Annexure IV.
d)
Limited review reports shall be given by auditors in the format prescribed in
Annexure V for companies other than banks (including those using the
alternative format of financial results) and in the format given in Annexure VI
for banks.
e)
In case of audited financial reports, the audit report shall be given by the
auditors in the format given in Annexure VII for companies other than banks
(including those using the alternative format of financial results) and in the
format given in Annexure VIII for banks.
f)
Half-Yearly Statement of Assets and Liabilities shall be in the format
specified in Annexure IX drawn from Schedule III of the Companies Act, 2013 or
its equivalent formats in other statutes, as applicable.
g)
The Form A (for audit report with unmodified opinion) and Form B (for audit
report with modified opinion) shall be filed in the format specified in
Annexure X.
h)
The financial results published in the newspapers in terms of Regulation
47(1)(b) shall be in the format prescribed in Annexure XI.
4.
While preparation of the financial results, the following shall be noted:-
a.
Annual audited financial results shall be in the format as is applicable to
quarterly financial results. However, columns and figures relating to the last
quarter, year to date results and corresponding three months in previous year
may not be disclosed.
b.
The applicable Accounting Standards are those standards mandated under Section
133 of the Companies Act, 2013 read with the relevant rules issued
thereunder/issued by ICAI as applicable.
c.
The classification / disclosure of items in the financial results shall be in
accordance with the Schedule III of the Companies Act, 2013 or its equivalent
formats in other statutes, as applicable.
5.
Companies adopting the Ind AS in terms of Companies (Indian Accounting
Standards) Rules, 2015 notified by the Ministry of Corporate Affairs on
February 16, 2015 while publishing quarterly/annual financial results under
Regulation 33 of the Listing Regulations, 2015, shall ensure that the
comparatives filed along with such quarterly/annual financial results are also
Ind AS compliant.
6.
The Stock Exchanges are advised to bring the provisions of this circular to the
notice of listed entities and also to disseminate the same on its website. This
circular shall come into force with effect from December 01, 2015.
7.
This Circular is being issued in exercise of powers conferred under Section 11
and Section 11A of the Securities and Exchange Board of India Act, 1992 read
with Regulation 33, Regulation 47 and Regulation 101(2) of the Listing
Regulations, 2015.
8.
This circular is available on SEBI website at http://www.sebi.gov.in under the category “Circulars”.
Yours
faithfully,
B N Sahoo
General Manager
Compliance and Monitoring Division
Corporation Finance Department
biranchins@sebi.gov.in
General Manager
Compliance and Monitoring Division
Corporation Finance Department
biranchins@sebi.gov.in
ANNEXURE I- Format for submission of Unaudited/Audited financial
results by companies other than banks.
Annexure II – Format for submitting the quarterly financial results by
banks
Annexure III- Format for submitting the quarterly financial results by
companies eligible for alternative format
Annexure IV- Format
for Reporting of Segment wise Revenue, Results and Capital Employed along with
the quarterly results (applicable for banks as well as companies other than
banks)
Annexure V – Format for the Limited Review Report for companies (other
than banks)
Annexure VI- Format for the Limited Review Report (for Banks)
Annexure VII - When
an Unmodified Opinion is expressed on the Quarterly financial results (for
companies other than banks) When an Unmodified Opinion is expressed on the Quarterly Consolidated Financial
Results (for companies other than banks)
Annexure VIII - When
an Unmodified Opinion is Expressed on the Quarterly Financial Results (for
Banks) When
an Unmodified Opinion is expressed on the Consolidated Quarterly Financial
Results (for Banks)
ANNEXURE IX–
Statement of Assets and Liabilities for Companies (Other than Banks)
ANNEXURE X–
Form A (for audit report with unmodified opinion) or Form B (for audit report
with modified opinion) along-with Financial Results
Annexure XI–
Format for Newspaper Publishing Purpose (Standalone/Consolidated)
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