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TMI BlogAmendment in Companies Act 2013 – Schedule IIIX X X X Extracts X X X X X X X X Extracts X X X X ..... rted, 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 under certain circumstances. 2. Where compliance with the requirements of the Act including Indian Accounting Standards (except the option of presenting assets and liabilities in the order of liquidity as provided by the relevant Ind AS) as applicable to the companies require any change in treatment or disclosure including addition, amendment, substitution or deletion in the head or sub-head or any changes inter se, in the financial statements or statements forming part thereof, the same shall be made 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... For the purpose of this Schedule, the terms used herein shall have the same meanings assigned to them in Indian Accounting Standards. 9. Where any Act or Regulation requires specific disclosures to be made in the standalone financial statements of a company, the said disclosures shall be made in addition to those required under this Schedule. Note: This Schedule sets out the minimum requirements for disclosure on the face of the Financial Statements, i.e., Balance Sheet, Statement of Changes in Equity for the period, the Statement of Profit and 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 to cater to industry or sector-specific disclosure requirements or when required for compliance with the amendments to the Companies Ac ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Statement of Changes in Equity for the period ended (Rupees in ) A. Equity Share Capital Balance at the beginning of the reporting period Changes in equity share capital during the year Balance at the end of the reporting period B. Other Equity Share application money pending allotment Equity component of compound financial instruments Reserves and Surplus Debt instruments 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) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sation in cash or cash equivalents. When the entity s normal operating cycle is not clearly identifiable, it is assumed to be twelve months. 3. An entity shall classify a liability as current when- (a) it expects to settle the liability 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 entity shall classify all other liabilities as non-current. 4. A receivable shall be classified as a trade receivable if it is in respect of the amount due on account of goods sold or services rendered in the normal course of business. 5. A payable shall be classified as a trade payable if it is in respect of the amount due on account of goods purchased or services received in the normal course of business. 6. A company shall disclo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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, 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). Investments in partnership firms alongwith names of the firms, their partners, total capital and the shares of each partner shall be disclosed separately. (ii) The following shall 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) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Loose tools; and (g) Others (specify nature). (ii) Goods-in-transit shall be disclosed under the relevant sub-head of inventories. (iii) Mode of valuation shall be stated. II. Investments: (i) Investments shall be classified as- (a) Investments in Equity Instruments; (b) Investment 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; and (g) Other investments (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 amount of unquoted investments; (c) Aggregate amount of impairment in value of investments. III. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (a) Earmarked balances with banks (for example, for unpaid dividend) shall be separately stated. (b) Balances with banks to the extent held as margin money or security against 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 beginning and at the end of the period; (e) the rights, preferences and restrictions attaching to each class of shares including restrictions on the distribution of dividends and the repayment of capital; (f) shares in respect of each class in the company held by its holding company or its ultimate holding company including shares held by subsidiaries or associates of the holding company or the ultimate holding company in aggregate; (g) shares in the company held by each sha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ability 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, the aggregate amount of such loans under each head shall be disclosed; (iv) bonds or debentures (along with the rate of interest, and particulars of redemption or conversion, as the case may be) shall be stated in descending order of maturity or conversion, starting from farthest redemption or conversion date, as the case may be. Where bonds/debentures are redeemable by installments, the date of maturity for this purpose must be reckoned as the date on which the first installment becomes due; (v) 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 cla ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... contingently liable. (ii) Commitments shall be classified as- (a) estimated amount of contracts remaining to be executed on capital account and not provided for; (b) uncalled liability on shares and other investments partly paid; and (c) other commitments (specify nature). I. The amount of dividends proposed to be distributed to equity and preference shareholders for the period and the related amount per share shall be disclosed separately. 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 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. 8. Share application money p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Employee benefits expense Finance costs Depreciation and amortization expense Other expenses Total expenses (IV) V Profit/(loss) before exceptional items and tax (I- IV) VI Exceptional Items VII Profit/(loss) before tax (V-VI) VIII Tax expense: (1) Current tax (2) Deferred tax IX Profit (Loss) for the period from continuing operations (VII-VIII) X Profit/(loss) from discontinued operations ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d) other borrowing costs (specify nature). 5 Other income: Other income shall be classified as- (a) interest Income ; (b) dividend Income; and (c) other non-operating income (net of expenses directly attributable 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 to be classified into profit or loss; and (vi) Others (specify nature). (B) Items that will be reclassified to profit or loss; (i) Exchange differences in translating the financial statements of a foreign operation; (ii) Debt Instruments through Other Comprehensive Income; (iii) The effective portion of gains and loss on hedging instruments in a cash flow hedge; (iv) Share of Other Comprehensive Income in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tributable 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 presented in the statement of profit and loss as allocation for the period. The aforesaid disclosures for total comprehensive income shall also be made in the statement of changes in equity. In addition to the disclosure requirements in the Indian Accounting Standards, the aforesaid disclosures shall also be made in respect of other comprehensive income . (ii) Non-controlling interests in the Balance Sheet and in the Statement of Changes in Equity, within equity, shall be presented separately from the equity of the owners of the parent . (iii) Investments accounted for using the equity method. 2. In Consolidated Financial Statements, the following shall be disclosed by way of additional information: Name of the entity in the Group Net Assets, i.e., total assets minus total liabilities Share in profit or loss ..... X X X X Extracts X X X X X X X X Extracts X X X X
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