Section 7. When a company applies an accounting policy retrospectively or makes a restatement of items in the f

7. When a company applies an accounting policy retrospectively or makes a restatement of items in the financial statements or when it reclassifies items in its financial statements, the company shall attach to the Balance Sheet, a "Balance Sheet" as at the beginning of the earliest comparative period presented. 7. Additional Information: A Company shall disclose by way of notes, additional information regarding aggregate expenditure and income on the following items: - (a) employee Benefits expense [showing separately (i) salaries and wages, (ii) contribution to provident and other funds, - (iii) share based payments to employees, (iv) staff welfare expenses]. - (b) depreciation and amortisation expense; (c) any item of income or expenditure which exceeds one per cent of the revenue from operations or Rs.10,00,000, whichever is higher, in addition to the consideration of 'materiality' as specified in clause 7 of the General Instructions for Preparation of Financial Statements of a Company; - (d) interest Income; - (e) interest Expense; - (f) dividend income; - (g) net gain or loss on sale of investments; - (h) net gain or loss on foreign currency transaction and translation (other than considered as finance cost); (i) payments to the auditor as (a) auditor, (b) for taxation matters, (c) for company law matters, (d) for other services, (e) for reimbursement of expenses; (j) in case of companies covered under section 135, amount of expenditure incurred on corporate social responsibility activities; and (k) details of items of exceptional nature; 1[(l) Undisclosed income The Company shall give details of any transaction not recorded in the books of accounts that has been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (such as, search or survey or any other relevant provisions of the Income Tax Act, 1961), unless there is immunity for disclosure under any scheme and shall also state whether the previously unrecorded income and related assets have been properly recorded in the books of account during the year. - (m) Corporate Social Responsibility (CSR) Where the company covered under section 135 of the Companies Act, the following shall be disclosed with regard to CSR activities:- (i) amount required to be spent by the company during the year, - (ii) amount of expenditure incurred, - (iii) shortfall at the end of the year, (iv) total of previous years shortfall, (v) reason for shortfall, (vi) nature of CSR activities, (vii) details of related party transactions, e.g., contribution to a trust controlled by the company in relation to CSR expenditure as per relevant Accounting Standard, (viii) where a provision is made with respect to a liability incurred by entering into a contractual obligation, the movements in the provision during the year shall be shown separately. - (n) details of Crypto Currency or Virtual Currency Where the Company has traded or invested in Crypto currency or Virtual Currency during the financial year, the following shall be disclosed:- 7. Financial Statements shall disclose all 'material' items, i.e., the items if they could, individually or collectively, influence the economic decisions that users make on the basis of the financial statements. Materiality depends on the size or nature of the item or a combination of both, to be judged in the particular circumstances. (i) profit or loss on transactions involving Crypto currency or Virtual Currency, - (ii) amount of currency held as at the reporting date, (iii) deposits or advances from any person for the purpose of trading or investing in Crypto Currency or virtual currency.] (7) Without prejudice to the provisions of sub-section (6), where a company has been got incorporated by furnishing any false or incorrect information or representation or by suppressing any material fact or information in any of the documents or declaration filed or made for incorporating such company or by any fraudulent action, the Tribunal may, on an application made to it, on being satisfied that the situation so warrants,— (a) pass such orders, as it may think fit, for regulation of the management of the company including changes, if any, in its memorandum and articles, in public interest or in the interest of the company and its members and creditors; or (b) direct that liability of the members shall be unlimited; or - (c) direct removal of the name of the company from the register of companies; or - (d) pass an order for the winding up of the company; or - (e) pass such other orders as it may deem fit: Provided that before making any order under this sub-section,— - (i) the company shall be given a reasonable opportunity of being heard in the matter; and (ii) the Tribunal shall take into consideration the transactions entered into by the company, including the obligations, if any, contracted or payment of any liability. 7. Financial Statements shall disclose all 'material' items, i.e., the items if they could, individually or collectively, influence the economic decisions that users make on the basis of the financial statements. Materiality depends on the size or nature of the item or a combination of both, to be judged in the particular circumstances.