MCA Amendments in Schedule III

Key Changes in Schedule III (Preparation of Financial Statements) to the Companies Act, 2013 are mentioned below:

1)      Further classification of Loans and Trade Receivables

2)      Description of purpose of each reserve

3)      Name changed: Fixed Assets into Property, Plant and Equipment and Securities Premium Reserve into Securities Premium etc.

4)      MSME Disclosures and further classification of Receivables and Payables in IND AS compliant financials

5)      Division III introduced for preparation financial statements for a NBFC whose financial statements are drawn up in compliance of the Companies (Indian Accounting Standards) Rules, 2015