The Insolvency and Bankruptcy Board of India (Form of Annual Statement of Accounts) Rules, 2018

The Insolvency and Bankruptcy Board of India (Form of Annual Statement of Accounts) Rules, 2018 | CaseEase - Legal Intelligence Simplified

SCHEDULES

Rule Schedule 19. )

(i) In current Accounts (ii) In Deposit Accounts (iii) Saving Accounts II. Grants Received II. Payment made against funds for various projects (a) From Government (Name of the fund or of India project should be shown along with the particulars of payment made for each project) (b)From Other Sources (Details) (Grants for Capital and Revenue Expenditure to be shown separately) III. Income on | III. Investments and Investment from | Deposits Made (a) | a) Out of Earmarked/Endowment | Earmarked/Endowme funds | nt funds (b) Own funds | b) Out of own funds (Investment - others) | (Investment - others) IV. Interest Received IV. Expenditure on Fixed Assets & Capital Work-in- Progress (i) On Bank Deposits a) Purchase of fixed Assets (ii) Loans, advances etc. b) Expenditure on Capital Work-in-

¹Hkkx IIμ[k.M 3(i)º Hkkjr dk jkti=k % vlk/kj.k 25 progress V. Other Income | V. Refund of surplus (Specify) | money/loans a) To the Government of India b) To other providers of funds VI. Amount Borrowed Vi. Finance Charges (Interest) VII. Any other receipts | VII. Other Payments (give details) | (Specify) VIII. Closing Balances a) Cash in Hand b) Bank Balances (i) In current Accounts (ii) In Deposit Accounts (iii) Savings Accounts TOTAL TOTAL INSOLVENCY AND BANKRUPTCY BOARD OF INDIA Whole Time Member Chairperson Chairperson (In charge of Finance Audit Committee, IBBI IBBI And Accounts) IBBI Place: Delhi Date: Form ‘B’ INCOME AND EXPENDITURE ACCOUNT FOR THE PERIOD/YEAR ENDED __ [see sub rule (1) of rule 4] Current | Previous

INCOME Schedule | Year | Year

Grants/Subsidies XII Fees/Subscriptions XIII Income from Investments (Income on investment, from earmarked/endowment funds transferred to funds) XIV Income from Royalty, Publications etc. XV

Interest Earned XVI Other Income XVII Total (A) Current | Previous

EXPENDITURE Schedule | Year | Year

Establishment Expenses XVIII Other Administrative Expenses etc. XIX Expenditure on Grants, subsidies etc. XX Interest XXI Depreciation (Net Total at the year end corresponding to Schedule VIII) XXII Total (B) Balance being excess of Income over Expenditure (A-B) Transfer to Special Reserve (Specify each) Transfer to/from General Reserve Balance Being Surplus (Deficit) Carried to Corpus/Capital Fund Significant Accounting Policies XXII Contingent Liabilities and Notes on Accounts XXIII INSOLVENCY AND BANKRUPTCY BOARD OF INDIA Whole Time Member Chairperson Chairperson (In charge of Finance Audit Committee, IBBI IBBI And Accounts) IBBI Place: Delhi Date:

Rule Schedule XXII. Schedule XXII

[See sub-rule (1) of rule 4] SIGNIFICANT ACCOUNTING POLICIES (Illustrative) 1. ACCOUNTING CONVENTION The financial statements are prepared on the basis of historical cost convention, unless otherwise stated and on the accrual method of accounting. 2. INVESTMENTS 2.1 Investments classified as "long term investments" are carried at cost. Provision for decline, other than temporary, is made in carrying cost of such investments. 2.2 Investments classified as "Current" are carried at lower of cost and fair value. Provision for shortfall on the value of such investments is made for each investment considered individually and not on a global basis. 2.3 Cost includes acquisition expenses like brokerage, transfer stamps.

3. FIXED ASSETS 3.1 Fixed Assets are stated at cost of acquisition inclusive of inward freight, duties and taxes and incidental and direct expenses related to acquisition. In respect of projects involving construction, related pre-operational expenses (including interest on loans for specific project prior to its completion), form part of the value of the assets capitalized. 3.2 Fixed Assets received by way of non-monetary grants, (other than towards the Corpus Fund), are capitalized at values stated, by corresponding credit to Capital Reserve. 4. DEPRECIATION 4.1 Depreciation is provided on straight-line method as per rates specified in the Income-tax Act, 1961 except depreciation on cost adjustments arising on account of conversion of foreign currency liabilities for acquisition of fixed assets, which is amortized over the residual life of the respective assets. 4.2 In respect of additions to/deductions from fixed assets during the year, depreciation is considered on pro- rata basis. 4.3 Assets consisting Rs. 5,000 or less each are fully provided. 5. MISCELLANEOUS EXPENDITURE Deferred revenue expenditure is written off over a period of 5 years from the year it is incurred. 6. ACCOUNTING FOR SALES Sales include excise duty and are net of sales returns, rebate and trade discount. 7. GOVERNMENT GRANTS/SUBSIDIES 7.1 Government grants of the nature of contribution towards capital cost of setting up projects are treated as Capital Reserve. 7.2 Grants in respect of specific fixed assets acquired are shown as a deduction from the cost of the related assets. 7.3 Government grants/subsidy are accounted on realization basis. 8. FOREIGN CURRENCY TRANSACTIONS 8.1 Transactions denominated in foreign currency are accounted at the exchange rate prevailing at the date of the transaction. 8.2 Current assets, foreign currency loans and current liabilities are converted at the exchange rate prevailing as at the year end and the resultant gain/loss is adjusted to cost of fixed assets, if the foreign currency liability related to fixed assets, and in other cases is considered to revenue. 9. LEASE Lease rentals are expensed with reference to lease terms. 10. RETIREMENT BENEFITS 10.1 Liability towards gratuity payable on death/retirement of employees is accrued based on actuarial valuation. 10.2 Provision for accumulated leave encashment benefit to the employees is accrued and computed on the assumption that employees are entitled to receive the benefit as at each year end.

¹Hkkx IIμ[k.M 3(i)º Hkkjr dk jkti=k % vlk/kj.k 37

Rule Schedule XXIII. Schedule XXIII

[See sub-rule (1) of rule 4] CONTINGENT LIABILITIES AND NOTES ON ACCOUNTS (Illustrative) 1. CONTINGENT LIABILITIES 1.1 Claims against the Entity not acknowledged as debts - Rs.______________ (Previous year Rs.___________) 1.2 In respect of: - Bank guarantees given by/on behalf of the Entity -Rs.__________(Previous year Rs._____________). - Letters of Credit opened by Bank on behalf of the Entity -Rs.________(Previous year Rs._________). - Bills discounted with banks Rs.________(Previous year Rs.________). 1.3 Disputed demands in respect of: Income-tax Rs. ______________(Previous Year Rs. _________) G.S.T. Rs. _______________(Previous Year Rs.__________) Municipal Taxes Rs. _____________(Previous Year Rs.___________) 1.4 In respect of claims from parties for non-execution of orders, but contested by the Entity - Rs.________(Previous year Rs._________). 2. CAPITAL COMMITMENTS Estimated value of contracts remaining to be executed on capital account and not provided for (net of advances) Rs. (Previous year Rs._________). 3. LEASE OBLIGATIONS Future obligations for rentals under finance lease arrangements for plant and machinery amount to Rs._________(Previous year Rs._________). 4. CURRENT ASSETS, LOANS AND ADVANCES In the opinion of the Management, the current assets, loans and advances have a value on realization in the ordinary course of business, equal at least to the aggregate amount shown in the Balance Sheet. 5. TAXATION In view of there being no taxable income under Income-tax Act 1961, no provision for Income tax has been considered necessary. 6. FOREIGN CURRENCY TRANSACTIONS 6.1 Value of Imports calculated on C.I.F Basis: - Purchase of finished Goods - Raw Materials & Components (Including in transit) - Capital Goods - Stores, Spares and Consumables 6.2 Expenditure in foreign currency: - Travel - Remittances and Interest payment to Financial Institutions/ Banks in Foreign Currency

- Other Expenditure: • Commission on Sales • Legal and Professional Expenses • Miscellaneous Expenses 6.2 Earnings: 6.4 Remuneration to auditors: As auditors: • Taxation matters • For management services • For certification • Others 7. Corresponding figures for the previous year have to be regrouped/ rearranged, wherever necessary. 8. Schedules I to XXXIII are annexed to and form an integral part of the Balance Sheet as at ___________ and the Income and Expenditure Account for the year ended on that date. [F. No. 30/13/2018-Insolvency] GYANESHWAR KUMAR SINGH, Jt. Secy.

The Insolvency and Bankruptcy Board of India (Form of Annual Statement of Accounts) Rules, 2018

Rules

Rule 1. Short title and commencement

Rule 2. Definitions:

Rule 3. Maintenance of accounts and records:- The Board shall maintain its accounts and

Rule 4. Preparation and submission of annual statement of accounts of the Board:

SCHEDULES

Rule Schedule 19. )

Rule Schedule I. Schedule I

Rule Schedule II. Schedule II

Rule Schedule III. Schedule III

Rule Schedule IV. Schedule IV

Rule Schedule V. Schedule V

Rule Schedule VI. Schedule VI

Rule Schedule VII. Schedule VII

Rule Schedule VIII. Schedule VIII

Rule Schedule IX. Schedule IX

Rule Schedule X. Schedule X

Rule Schedule XI. Schedule XI

Rule Schedule XII. Schedule XII

Rule Schedule XIII. Schedule XIII

Rule Schedule XIV. Schedule XIV

Rule Schedule XV. Schedule XV

Rule Schedule XVI. Schedule XVI

Rule Schedule XVII. Schedule XVII

Rule Schedule XVIII. Schedule XVIII

Rule Schedule XIX. Schedule XIX

Rule Schedule XX. Schedule XX

Rule Schedule XXI. Schedule XXI

Rule Schedule XXII. Schedule XXII

Rule Schedule XXIII. Schedule XXIII