Schedule III of the Companies Act 2013 contains the general instructions for preparation of Balance Sheet and Statement of Profit and Loss of a Company.
As per the amendment the companies have to round off the figures appearing in the financial statements, hitherto it was optional. Further, the criteria for rounding off shall be based on “total income” in place of “turnover”.
All Companies now have to disclose Shareholding of Promoters, Current maturities of long term borrowings, Trade Payables & Trade Receivables ageing schedule to be given, details of all the immovable whose title deeds are not held in the name of the Company, Disclosures to be made where Loans or Advances in the nature of loans are granted to promoters, directors, KMPs and related parties, Capital-work-in progress & Intangible assets under development ageing schedule shall also be given, Disclosure of any proceedings initiated or pending against the company for holding any Benami property under the Benami Transactions (Prohibition)Act, 1988. Further, where a company is a declared willful defaulter by any bank or financial Institution or other lenders, Disclosure of any transactions with companies struck-off, and Where any charges or satisfaction yet to be registered with Registrar of Companies beyond the statutory period, details and reasons thereof shall be disclosed & detail to be provided in the Balance sheet.
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