Amendments made in Schedule III(Preparation of Financial Statements) of Companies Act, 2013

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:

  1. Loan receivables have been classified further.
  2. Description of purpose of each reserve has been specified.
  3. Names of headings of Fixed Assets and Securities Premium Reserve have been modified.
  4. MSME Disclosures and further classification of Receivables & Payables in IND AS Compliant Financials.
  5. 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.