{"id":38611,"date":"2022-08-20T13:10:53","date_gmt":"2022-08-20T07:40:53","guid":{"rendered":"https:\/\/www.cagmc.com\/?p=38611"},"modified":"2024-06-01T15:39:54","modified_gmt":"2024-06-01T10:09:54","slug":"amendments-in-schedule-iii-of-companies-act-2013","status":"publish","type":"post","link":"https:\/\/www.cagmc.com\/blog\/amendments-in-schedule-iii-of-companies-act-2013\/","title":{"rendered":"Synopsis of amendments in Schedule III of Companies Act, 2013"},"content":{"rendered":"<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\"><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone wp-image-38613 size-full\" title=\"Amendments in Schedule III of Companies Act 2013\" src=\"https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2022\/08\/Synopsis-of-amendments-in-Schedule-III-of-Companies-Act-2013-1.png\" alt=\"Amendments in Schedule III of Companies Act 2013\" width=\"1200\" height=\"630\" srcset=\"https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2022\/08\/Synopsis-of-amendments-in-Schedule-III-of-Companies-Act-2013-1.png 1200w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2022\/08\/Synopsis-of-amendments-in-Schedule-III-of-Companies-Act-2013-1-300x158.png 300w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2022\/08\/Synopsis-of-amendments-in-Schedule-III-of-Companies-Act-2013-1-1024x538.png 1024w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2022\/08\/Synopsis-of-amendments-in-Schedule-III-of-Companies-Act-2013-1-615x323.png 615w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2022\/08\/Synopsis-of-amendments-in-Schedule-III-of-Companies-Act-2013-1-400x210.png 400w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2022\/08\/Synopsis-of-amendments-in-Schedule-III-of-Companies-Act-2013-1-292x153.png 292w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><br \/>\nThe <\/span><span style=\"font-weight: 400;\">Ministry of Corporate Affairs (MCA)<\/span><span style=\"font-weight: 400;\"> amended Schedule III of the Companies Act 2013, October 11, 2018. Schedule III of the Companies Act 2013, provides a format for the financial statements of companies complying with Accounting Standards (AS) and Ind AS under Division I and Division II respectively. Schedule III will now apply to the NBFC covered under Ind AS. The MCA has also amended the existing Division I (Indian GAAP) and Division II (Ind AS). This article focuses on the synopsis of amendments in Schedule III of the <\/span><span style=\"font-weight: 400;\">Companies Act, 2013<\/span><span style=\"font-weight: 400;\">.<\/span><\/p>\n<table style=\"width: 100%;\">\n<tbody>\n<tr>\n<td style=\"border: 1px solid #555;\">\n<p style=\"text-align: justify;\"><b>Table of content<\/b><\/p>\n<ul style=\"text-align: justify;\">\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"#Key\"><span style=\"font-weight: 400;\">Key Abstract<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"#Synopsis\"><span style=\"font-weight: 400;\">Synopsis of amendments in Schedule III of Companies Act, 2013<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"#Schedule\"><span style=\"font-weight: 400;\">Schedule III of Companies Act, 2013\u00a0<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"#Amendments\"><span style=\"font-weight: 400;\">Amendments in Schedule III of Companies Act, 2013<\/span><\/a><\/li>\n<li id=\"Key\"><a href=\"#Conclusion\"><span style=\"font-weight: 400;\">Conclusion<\/span><\/a><\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2><b>Key Abstract<\/b><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">On October 11, 2018, the Ministry of Corporate Affairs (MCA) modified Schedule III of the Companies Act,\u00a02013. Schedule III of the Companies Act 2013, under Division I and Division II, specifies the structure of financial statements for companies adhering to Accounting Standards (AS) and Ind AS. Schedule III will now apply to NBFCs covered under Ind AS. MCA has also revised Division I (Indian GAAP) and Division II (Ind AS).<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Changes to Ind AS Schedule III necessitate new disclosures from enterprises submitting Ind AS financial statements. Other notifications concern trade receivables, loans receivables, and trade payables, and they also meet the disclosure requirements of the Micro, Small, and Medium Enterprises Development Act,\u00a02006.<\/span><\/p>\n<p id=\"Synopsis\" style=\"text-align: justify;\"><span style=\"font-weight: 400;\">The most notable change is the addition of Division III, which specifies the structure for preparing financial statements for <\/span><a href=\"https:\/\/www.cagmc.com\/non-banking-finance-company-in-india\/\"><span style=\"font-weight: 400;\">Non-Banking Financial Companies (NBFCs)<\/span><\/a><span style=\"font-weight: 400;\"> to which Ind AS applies.<\/span><\/p>\n<h2><b>Synopsis of amendments in Schedule III of Companies Act, 2013<\/b><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">In the interest of transparency and disclosure, the Ministry of Corporate Affairs made significant amendments to Schedule III of the Companies Act, 2013, directing the Companies\/Statutory Auditors to provide additional details of certain transactions in the Balance Sheet\/Profit &amp; Loss Account\/Schedules on Balance Sheet\/Profit &amp; Loss Account.<\/span><\/p>\n<p id=\"Schedule\" style=\"text-align: justify;\"><span style=\"font-weight: 400;\">These modifications were effective on 01-04-2021, which means that <\/span><span style=\"font-weight: 400;\">companies<\/span><span style=\"font-weight: 400;\">\/statutory auditors must include these adjustments in their financial accounts for the fiscal year ending 31-03-2022.<\/span><\/p>\n<h2><b>Schedule III of Companies Act, 2013\u00a0<\/b><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">The Ministry of Corporate Affairs uses Notice G.S.R. 207 (E) dated 24 March 2021 have amended Schedule III of the Companies Act, 2013 which will come into effect from 1 April 2021. The notice covers various additional disclosure requirements while preparing the financial statements of an entity compiled under three divisions of Schedule III of the Companies Act, 2013.<\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Division I <\/b><span style=\"font-weight: 400;\">&#8211; Guidelines for Companies whose Financial Statements are required to comply with the Companies (Investment Standards) Act, 2006.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Division II<\/b><span style=\"font-weight: 400;\"> &#8211; Guidelines for companies whose financial statements are required to comply with Indian Accounting Standards, 2015.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Division III <\/b><span style=\"font-weight: 400;\">&#8211; Guidelines for Non-Banking Companies (NBFCs) whose financial statements are required to comply with Indian Accounting Standards, 2015<\/span><\/li>\n<\/ul>\n<p id=\"Amendments\" style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Most of the amendments to Schedule III of the Companies Act, 2013 have been made as a result of amendments to the recently released Company (Auditors and Report Order) of 2020 and the Amended Rules of Companies (Savings Standards in India), 2020.<\/span><\/p>\n<h2><b>Amendments in Schedule III of Companies Act, 2013<\/b><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Following are the Amendments of Schedule III:<\/span><\/p>\n<h3><b>Part I &#8211; Amendments to the General Balance Sheet Adjustment Instructions<\/b><\/h3>\n<ul style=\"text-align: justify;\">\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The company should include the figures in the financial statements. Terms of termination will now be \u2018Total Money\u2019 instead of Turnover. Previously, a collection of companies could be selected from them.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The balance sheet will also include details of the facilitator&#8217;s share held at the end of the year and changes, if any, during the year.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">\u201cCurrent maturity of long-term loans\u201d will be disclosed separately under the heading of short-term loans.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The ageing schedule in respect of commercial payments will be given for a period of less than one year, 1-2 years, 2-3 years, and more than 3 years in respect of:<\/span>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"https:\/\/www.cagmc.com\/msme-udyam-registration\/\"><span style=\"font-weight: 400;\">Small and Medium Enterprises (MSME)<\/span><\/a><span style=\"font-weight: 400;\">;<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Others;<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Dispute Payments &#8211; MSMEs; and<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Claims\u00a0<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">The same information will be provided if no payment date has been set, in which case the disclosure will be made from the date of the transaction. Unpaid payments will be disclosed separately.<\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The ageing schedule for Trade Revenue will be provided for less than 6 months, 6 months &#8211; 1 year, 1-2 years, 2-3 years and over 3 years in this regard:<\/span>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Undisputed Trade Receivables &#8211; Considered Good<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Undisputed Trade Receivables &#8211; Considered to be questionable<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Disputed Trade Receivables &#8211; Considered Good<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Disputed Trade Receivables &#8211; Considered doubtful<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">The same information will be provided if no payment date has been set, in which case the disclosure will be made from the date of the transaction. Unpaid payments will be disclosed separately.<\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The term \u201cIntangible Goods\u201d has been replaced by \u201cProperty, Plant and Equipment\u201d and the term \u201cIntangible Property\u201d is substituted for the terms \u201cProperty, Plant and Equipment\u201d.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Under the heading Intangible Assets and Intangible Assets, a reconciliation statement will be provided with the total and net amount of asset management for each category at the beginning and end of the reporting period indicating surplus, disposals, acquisition, review, and variance.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Collateral Deposit will not be disclosed under \u201cLong-Term Loans and Development\u201d but will be disclosed under \u201cOther Non-Current Assets\u201d<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Businesses in addition to the above are required to provide details of any conflicts of interest in the use of a particular loan portfolio.<\/span><\/li>\n<\/ul>\n<h3><b>Part II \u2013 Additional Reporting Requirement in respect of Regulatory Disclosures<\/b><\/h3>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">For companies complying with Ind AS, a few amendments have been made. The following are the amendments submitted to Ind AS compliant companies regarding the preparation and presentation of their financial statements:<\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Trade Payables under the heading \u201cEquity and Liabilities\u201d will disclose payments made to small and medium enterprises other than small and medium enterprises on the face of the balance sheet.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">\u2018Equity\u2019 &#8211; A description of each area listed under the heading \u2018Equity\u2019 on the Balance sheet should be provided in the notes to the financial statements. The description may include the purpose of each designated area, the reason for the movement of the palaces during the year, etc.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Non-Current Receivables and Current Receivables shall also be classified as:<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Trade Receivables considered goods\u2013 Safe<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Trade receivables are considered goods &#8211; Unsafe.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Trade Receipts with a significant increase in Credit Risk.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Trade receivables &#8211; Debt Damaged.<\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><strong>The pre-classification of non-current and current trade receivables was as follows:<\/strong><\/p>\n<ul style=\"text-align: justify;\">\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Protected, considered good\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Unsecured is considered good<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Doubt<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Non-current and current loans will also be included in the following categories:\u00a0<\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Loans Receivables considered good &#8211; Secure.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Loans receivables are considered goods &#8211; Not Secure.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Loan receivables with a significant increase in credit risk.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Loan Receivables &#8211; <a href=\"https:\/\/indiankanoon.org\/search\/?formInput=damages%20debt%20%20%20\" target=\"_blank\" rel=\"noopener\">Debt Damaged<\/a>.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">The pre-classification of non-current and current trade receivables was as follows:\u00a0<\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Protected, considered good\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Unsafe, considered good<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Doubt<\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><b>Part III \u2013 Amendments corresponding to General instructions for the preparation of Statement of Profit and Loss and Additional Information<\/b><\/p>\n<ul style=\"text-align: justify;\">\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The company will be required to provide details of transactions that are not recorded in the records but which are provided or disclosed as revenue during the year in the tax audit.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">That the company is subject to Section 135 of the Companies Act, 2013 concerning <\/span><a href=\"https:\/\/www.cagmc.com\/corporate-social-responsibility\/\"><span style=\"font-weight: 400;\">Corporate Social Responsibility (CSR)<\/span><\/a><span style=\"font-weight: 400;\"> so, if the entity is required to provide certain disclosures as part of its financial statements.<\/span><\/li>\n<li id=\"Conclusion\">In that case, if the entity is involved in trading or investing in <a href=\"https:\/\/www.cagmc.com\/what-are-cryptocurrency-and-how-do-they-work\/\"><span style=\"font-weight: 400;\">Crypto-Currency<\/span><\/a><span style=\"font-weight: 400;\"> and Virtual Currency during the financial year, disclosures relating to the profit and loss in trading and the amount of money held at the reporting date will be given to the Accounts.<\/span><\/li>\n<\/ul>\n<h2 style=\"text-align: justify;\"><b>Conclusion<\/b><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">In summarizing our discussion, all the changes made in Schedule III are intended to increase the visibility and reliability of users of financial statements, which is important because, as we see in modern times, investor confidence in financial statements will decrease due to increased fraud and irregularities.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Ministry of Corporate Affairs (MCA) amended Schedule III of the Companies Act 2013, October 11, 2018. Schedule III of [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":38613,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[89],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Synopsis Amendments in Schedule III of Companies Act 2013<\/title>\n<meta name=\"description\" content=\"Step by step Synopsis Amendments in Schedule III of Companies Act 2013. 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