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Amendment in Companies Act 2013 Schedule III

Companies Law - F. No. 17/62/2015-CL-V - Dated:- 6-4-2016 - MINISTRY OF CORPORATE AFFAIRS NOTIFICATION New Delhi , 6th April, 2016 G.S.R. 404(E).-In exercise of the powers conferred by sub section (1) of section 467 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes the following amendments to Schedule III of the said Act with effect from the date of publication of this notification in the Official Gazette, namely:- 2. In the Companies Act, 2013 (hereinafter referred to .....

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the end, the following shall be inserted, namely:- Division II Financial Statements for a company whose financial statements are drawn up in compliance of the Companies (Indian Accounting Standards) Rules, 2015. GENERAL INSTURCTIONS FOR PREPARATION OF FINANCIAL STATEMENTS OF A COMPANY REQUIRED TO COMPLY WITH Ind AS 1. Every company to which Indian Accounting Standards apply, shall prepare its financial statements in accordance with this Schedule or with such modification as may be required unde .....

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de and the requirements under this Schedule shall stand modified accordingly. 3. The disclosure requirements specified in this Schedule are in addition to and not in substitution of the disclosure requirements specified in the Indian Accounting Standards. Additional disclosures specified in the Indian Accounting Standards shall be made in the Notes or by way of additional statement or statements unless required to be disclosed on the face of the Financial Statements. Similarly, all other disclos .....

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anges in Equity and Statement of Profit and Loss shall be cross-referenced to any related information in the Notes. In preparing the Financial Statements including the Notes, a balance shall be maintained between providing excessive detail that may not assist users of Financial Statements and not providing important information as a result of too much aggregation. 5. Depending upon the turnover of the company, the figures appearing in the Financial Statements shall be rounded off as below: Turno .....

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including Notes except in the case of first Financial Statements laid before the company after incorporation. 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. 8. For the purpose of this Schedule, the terms used .....

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d Loss for the period (The term Statement of Profit and Loss has the same meaning as Profit and Loss Account ) and Notes. Cash flow statement shall be prepared, where applicable, in accordance with the requirements of the relevant Indian Accounting Standard. Line items, sub-line items and sub-totals shall be presented as an addition or substitution on the face of the Financial Statements when such presentation is relevant to an understanding of the company s financial position or performance or .....

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Figures as at the end of the previous reporting period 1 2 3 4 (1) ASSETS Non-current assets (a) Property, Plant and Equipment (b) Capital work-in-progress (c) Investment Property (d) Goodwill (e) Other Intangible assets (f) Intangible assets under evelopment (g) Biological Assets other than bearer plants (h) Financial Assets (i) Investments (ii) Trade receivables (iii) Loans (iv) Others (to be specified) (i) Deferred tax assets (net) (j) Other non-current assets (2) Current assets (a) Inventori .....

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ied) (b) Provisions (c) Deferred tax liabilities (Net) (d) Other non-current liabilities Current liabilities (a) Financial Liabilities (i) Borrowings (ii) Trade payables (iii) Other financial liabilities (other than those specified in item (c) (b) Other current liabilities (c) Provisions (d) Current Tax Liabilities (Net) Total Equity and Liabilities See accompanying notes to the financial statements STATEMENT OF CHANGES IN EQUITY Name of the Company……………&hellip .....

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uments through Other Comprehensive Income Equity Instruments through Other Comprehensive Income Effective portion of Cash Flow Hedges Revaluation Surplus Exchange differences on translating the financial statements of a foreign operation Other items of Other Comprehensive Income (specify nature) Money received against share warrants Total Capital Reserve Securities Premium Reserve Other Reserves (specify nature) Retained Earnings Balance at the beginning of the reporting period Changes in accoun .....

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ch items alongwith the relevant amounts in the Notes. Notes: GENERAL INSTRUCTIONS FOR PREPARATION OF BALANCE SHEET 1. An entity shall classify an asset as current when- (a) it expects to realise the asset, or intends to sell or consume it, in its normal operating cycle; (b) it holds the asset primarily for the purpose of trading; (c) it expects to realise the asset within twelve months after the reporting period; or (d) the asset is cash or a cash equivalent unless the asset is restricted from b .....

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bility in its normal operating cycle; (b) it holds the liability primarily for the purpose of trading; (c) the liability is due to be settled within twelve months after the reporting period; or (d) it does not have an unconditional right to defer settlement of the liability for at least twelve months after the reporting period. Terms of a liability that could, at the option of the counterparty, result in its settlement by the issue of equity instruments do not affect its classification. An entit .....

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nt and Equipment : (i) Classification shall be given as: (a) Land (b) Buildings (c) Plant and Equipment (d) Furniture and Fixtures (e) Vehicles (f) Office equipment (g) Bearer Plants (h) Others (specify nature) (ii) Assets under lease shall be separately specified under each class of assets. (iii) A reconciliation of the gross and net carrying amounts of each class of assets at the beginning and end of the reporting period showing additions, disposals, acquisitions through business combinations .....

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gross and net carrying amount of goodwill at the beginning and end of the reporting period showing additions, impairments, disposals and other adjustments. IV. Other Intangible assets: (i) Classification shall be given as: (a) Brands or trademarks (b) Computer software (c) Mastheads and publishing titles (d) Mining rights (e) Copyrights, patents, other intellectual property rights, services and operating rights (f) Recipes, formulae, models, designs and prototypes (g) Licenses and franchises (h) .....

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g period showing additions, disposals, acquisitions through business combinations and other adjustments shall be disclosed separately. VI. Investments: (i) Investments shall be classified as: (a) Investments in Equity Instruments; (b) Investments in Preference Shares; (c) Investments in Government or trust securities; (d) Investments in debentures or bonds; (e) Investments in Mutual Funds; (f) Investments in partnership firms; or (g) Other investments (specify nature). Under each classification, .....

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all also be disclosed: (a) Aggregate amount of quoted investments and market value thereof; (b) Aggregate amount of unquoted investments; and (c) Aggregate amount of impairment in value of investments. VII. Trade Receivables: (i) Trade receivables shall be sub-classified as: (a) Secured, considered good; (b) Unsecured considered good; and (c) Doubtful. (ii) Allowance for bad and doubtful debts shall be disclosed under the relevant heads separately. (iii) Debts due by directors or other officers .....

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red good; and (c) Doubtful. (iii) Allowance for bad and doubtful loans shall be disclosed under the relevant heads separately. (iv) Loans due by directors or other officers of the company or any of them either severally or jointly with any other persons or amounts due by firms or private companies respectively in which any director is a partner or a director or a member should be separately stated. IX. Bank deposits with more than 12 months maturity shall be disclosed under Other financial asset .....

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nies respectively in which any director is a partner or a director or a member should be separately stated. In case advances are of the nature of a financial asset as per relevant Ind AS, these are to be disclosed under other financial assets separately. (iii) Others (specify nature). B. Current Assets I. Inventories: (i) Inventories shall be classified as- (a) Raw materials; (b) Work-in-progress; (c) Finished goods; (d) Stock-in-trade (in respect of goods acquired for trading); (e) Stores and s .....

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nts (specify nature). Under each classification, details shall be given of names of the bodies corporate that are- (i) subsidiaries, (ii) associates, (iii) joint ventures, or (iv) structured entities, in whom investments have been made and the nature and extent of the investment so made in each such body corporate (showing separately investments which are partly-paid). (ii) The following shall also be disclosed- (a) Aggregate amount of quoted investments and market value thereof; (b) Aggregate a .....

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te companies respectively in which any director is a partner or a director or a member should be separately stated. IV. Cash and cash equivalents: Cash and cash equivalents shall be classified as a. Balances with Banks (of the nature of cash and cash equivalents); b. Cheques, drafts on hand; c. Cash on hand; and d. Others (specify nature). V. Loans: (i) Loans shall be classified as: (a) Security deposits; (b) Loans to related parties (giving details thereof); and (c) Others (specify nature). (ii .....

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Other current assets (specify nature): This is an all-inclusive heading, which incorporates current assets that do not fit into any other asset categories. Other current assets shall be classified as- (i) Advances other than capital advances (1) Advances other than capital advances shall be classified as: (a) Security Deposits; (b) Advances to related parties (giving details thereof); (c) Other advances (specify nature). (2) Advances to directors or other officers of the company or any of them .....

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gainst the borrowings, guarantees, other commitments shall be disclosed separately. (c) Repatriation restrictions, if any, in respect of cash and bank balances shall be separately stated. D. Equity I. Equity Share Capital: For each class of equity share capital: (a) the number and amount of shares authorised; (b) the number of shares issued, subscribed and fully paid, and subscribed but not fully paid; (c) par value per share; (d) a reconciliation of the number of shares outstanding at the begin .....

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five per cent. shares specifying the number of shares held; (h) shares reserved for issue under options and contracts or commitments for the sale of shares or disinvestment, including the terms and amounts; (i) for the period of five years immediately preceding the date at which the Balance Sheet is prepared- aggregate number and class of shares allotted as fully paid up pursuant to contract without payment being received in cash; aggregate number and class of shares allotted as fully paid up b .....

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Redemption Reserve; (c) Share Options Outstanding Account; and (d) Others- (specify the nature and purpose of each reserve and the amount in respect thereof); (Additions and deductions since last balance sheet to be shown under each of the specified heads) (ii) Retained Earnings represents surplus i.e. balance of the relevant column in the Statement of Changes in Equity; (iii) A reserve specifically represented by earmarked investments shall disclose the fact that it is so represented; (iv) Debi .....

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Bonds or debentures (b) Term loans (I) from banks (II) from other parties (c) Deferred payment liabilities (d) Deposits (e) Loans from related parties (f) Long term maturities of finance lease obligations (g) Liability component of compound financial instruments (h) Other loans (specify nature); (ii) borrowings shall further be sub-classified as secured and unsecured. Nature of security shall be specified separately in each case. (iii) where loans have been guaranteed by directors or others, th .....

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particulars of any redeemed bonds or debentures which the company has power to reissue shall be disclosed; (vi) terms of repayment of term loans and other loans shall be stated; and (vii) period and amount of default as on the balance sheet date in repayment of borrowings and interest shall be specified separately in each case. III. Provisions: The amounts shall be classified as- (a) Provision for employee benefits; and (b) Others (specify nature). IV. Other non-current liabilities; (a) Advances .....

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each head shall be disclosed; (iv) period and amount of default as on the balance sheet date in repayment of borrowings and interest, shall be specified separately in each case. II. Other Financial Liabilities: Other Financial liabilities shall be classified as- (a) Current maturities of long-term debt; (b) Current maturities of finance lease obligations; (c) Interest accrued; (d) Unpaid dividends; (e) Application money received for allotment of securities to the extent refundable and interest a .....

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ion for employee benefits; and (ii) others (specify nature). G. The presentation of liabilities associated with group of assets classified as held for sale and non-current assets classified as held for sale shall be in accordance with the relevant Indian Accounting Standards (Ind ASs). H. Contingent Liabilities and Commitments: (to the extent not provided for) (i) Contingent Liabilities shall be classified as- (a) claims against the company not acknowledged as debt; (b) guarantees excluding fina .....

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rately. Arrears of fixed cumulative dividends on irredeemable preference shares shall also be disclosed separately. J. Where in respect of an issue of securities made for a specific purpose the whole or part of amount has not been used for the specific purpose at the Balance Sheet date, there shall be indicated by way of note how such unutilised amounts have been used or invested. 7. When a company applies an accounting policy retrospectively or makes a restatement of items in the financial stat .....

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tely shown under Other financial liabilities . 9. Preference shares including premium received on issue, shall be classified and presented as Equity or Liability in accordance with the requirements of the relevant Indian Accounting Standards. Accordingly, the disclosure and presentation requirements in this regard applicable to the relevant class of equity or liability shall be applicable mutatis mutandis to the preference shares. For instance, redeemable preference shares shall be classified an .....

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count Balances shall be presented in the Balance Sheet in accordance with the relevant Indian Accounting Standards. PART II - STATEMENT OF PROFIT AND LOSS Name of the Company……………………. Statement of Profit and Loss for the period ended ……………………… (Rupees in…………) Particulars Note No. Figures for the current reporting period Figures for the previous report .....

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IX Profit (Loss) for the period from continuing operations (VII-VIII) X Profit/(loss) from discontinued operations XI Tax expense of discontinued operations XII Profit/(loss) from Discontinued operations (after tax) (X-XI) XIII Profit/(loss) for the period (IX+XII) XIV Other Comprehensive Income A (i) Items that will not be reclassified to profit or loss (ii) Income tax relating to items that will not be reclassified to profit or loss B (i) Items that will be reclassified to profit or loss (ii) .....

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cial statements Notes: GENERAL INSTRUCTIONS FOR PREPARATION OF STATEMENT OF PROFIT AND LOSS 1. The provisions of this Part shall apply to the income and expenditure account, in like manner as they apply to a Statement of Profit and Loss. 2. The Statement of Profit and Loss shall include: (1) Profit or loss for the period; (2) Other Comprehensive Income for the period. The sum of (1) and (2) above is Total Comprehensive Income . 3. Revenue from operations shall disclose separately in the notes (a .....

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able to such income). 6. Other Comprehensive Income shall be classified into- (A) Items that will not be reclassified to profit or loss (i) Changes in revaluation surplus; (ii) Remeasurements of the defined benefit plans; (iii) Equity Instruments through Other Comprehensive Income; (iv) Fair value changes relating to own credit risk of financial liabilities designated at fair value through profit or loss; (v) Share of Other Comprehensive Income in Associates and Joint Ventures, to the extent not .....

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Others (specify nature). 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 .....

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rs, (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; 8. Changes in Regulatory Deferral Account Balances shall be presented in the Statement of Profit and Loss in accordance with the relevant Indian Accounting Standards. PART III- GENERAL INSTRUCTIONS FOR THE PREPARATION OF CONSOLIDA .....

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e information as per the requirements specified in the applicable Indian Accounting Standards notified under the Companies (Indian Accounting Standards) Rules 2015, including the following, namely:- (i) Profit or loss attributable to non-controlling interest and to owners of the parent in the statement of profit and loss shall be presented as allocation for the period. Further, total comprehensive income for the period attributable to non-controlling interest and to owners of the parent shall be .....

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