MCA AMENDMENTS NOTIFIED DATED 11.10.18 IN SCHEDULE
III (PREPARATION OF FINANCIAL STATEMENTS) TO THE COMPANIES ACT, 2013:
MAJOR AMENDMENTS IN COMPANY’S
FINANCIAL REPORTING :
MCA
AMENDS INSTRUCTIONS FOR PREPARATION OF BALANCE SHEET AND STATEMENT OF PROFIT
AND LOSS OF A COMPANY / NBFCS
Ministry
of Corporate Affairs notifies Ind AS Schedule III applicable to NBFCs. Schedule
III will apply to NBFCs covered under Ind AS applicability. MCA has also
amended the existing Division I (Indian GAAP) & Division II (Ind AS)
Schedule III. Ind AS Schedule III changes require companies preparing Ind AS
financial statements to give additional disclosures related trade receivables,
loans receivables and trade payables and also comply with the disclosure
requirements under the Micro, Small and Medium Enterprises Development Act,
2006
1. Further classification of Loans
Receivables
2. Description of purpose of each
reserve
2. Name changed : Fixed Assets,
Securities Premium Reserve etc
2. MSME Disclosures and further
Classification of Receivables & Payables in IND AS compliant financials
3. Division III introduced for
preparation of Financial Statements for a NBFC whose financial statements
are drawn up in compliance of the
Companies (Indian Accounting Standards) Rules, 2015.
For more details , please click the
following link:
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