The Ministry of Corporate affairs vide Notification dated 11/10/2018 has made amendments in Schedule III of the said Act. Key changes are as follows:
- Loan receivables have been classified further.
- Description of purpose of each reserve has been specified.
- Names of headings of Fixed Assets and Securities Premium Reserve have been modified.
- MSME Disclosures and further classification of Receivables & Payables in IND AS Compliant Financials.
- Division III has been introduced for the preparation of Financial Statements for NBFC whose Financial Statements are drawn up in compliance of Companies(Indian Accounting Standards) Rules, 2015.