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Govt defers mandatory use of transparent accounting software use by year

In a relief to businesses across the spectrum, the government has extended deadline for mandatory adoption of accounting software having audit trail of each and every transaction and having feature to store logs of edits. As per a new notification by the Ministry of Corporate Affairs (MCA), implementation of mandatory use of accounting software having Audit Trail as provided under proviso to Rule 3 of the Companies (Accounts) Rules, 2014 has been deferred till March 31, 2022. The changes were earlier proposed to be implemented from April 1, 2021. But after receiving several representations from various stakeholders expressing their inability to make quick changes in accounting software, the government decided to give one more year to businesses to prepare for new accounting system that aims to check manipulation and ensure utmost transparency in recording transactions.

Govt defers mandatory implementation of transparent accounting software use by year

Govt extends implementation of mandatory audit trail of companies accounts till Apr 1, 2022

Govt extends implementation of mandatory audit trail of companies accounts till Apr 1, 2022 Earlier on March 24, the ministry had issued a notification making it mandatory for the companies to record audit trail of each and every financial transaction done on their accounting software. BusinessToday.In | April 1, 2021 | Updated 22:23 IST In a notification on Thursday, the Ministry of Corporate Affairs extended the implementation of the rule till April 1, 2022. The government has extended till April 1, 2022, the date for implementation of rule making it mandatory for companies using accounting software for maintaining their books to use software that allows to record audit trail of each and every transaction.

MCA defers by a year amended rule requiring firms to use accounting software with audit trail features

MCA defers by a year amended rule requiring firms to use accounting software with audit trail features
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