Panel to submit report on e-forms within 2 months

NEW DELHI: An expert committee, constituted to look into MCA e-forms and other overall filing process to simplify procedures for stakeholders, will submit its report within two months.

The government has recently constituted an expert committee to review the 'e-forms' and other overall filing process in a move to simplify procedures for stakeholders.

Besides, the committee will suggest changes aimed at simplification of such forms, removal of difficulties faced by stakeholders.

"The Committee has been asked to submit its reports within two months," Corporate Affairs Minister Arun Jaitley said in a written reply to the Rajya Sabha today.

The companies are required to make their filings to the Corporate Affairs Ministry through MCA portal 21.

In a separate query, the minister said that Indian Accounting Standard (Ind-AS), based on International Financial Reporting Standards (IFRS), will be notified for voluntary adoption from the fiscal year 2015-16 and mandatorily from 2016-17.

Banks, financial institutions and insurance companies may be brought under the purview of the standards at a later date, Jaitley said.

"The class of companies to which these standards will apply are being finalised and would be notified along with the Ind-AS," he added.