Schedule III amendments in Excel format
AMENDMENTS IN SCHEDULE III The Ministry of Corporate Affairs vide Notification dated 24 March 2021 has amended Schedule III to the Companies Act, 2013. Amendments are effective from the 1st day of April 2020. The notification incorporates additional disclosure requirements while preparing the financial statements of an entity which are covered under the three divisions of Schedule III to the Companies Act, 2013. To explain this amendment we have prepared detailed notes along with the formats. Please read these notes and revise your financials.
Balance sheet
A company should disclose Shareholding of Promotors
Under short-term borrowings after item (iv), "Current maturities of long term borrowings" shall be disclosed separately
Trade payables due for payment (Ageing)
Non current assets
For both Property, Plant and Equipment and Intangible asset following shall be substituted :
"A reconciliation of the gross and net carrying amounts of each class of assets at the beginning and end of the reporting period showing additions, disposals, acquisitions through business combinations, amount of change due to revaluation (if change is 10% or more in the aggregate of the net carrying value of each class of Property, Plant and Equipment) and other adjustments and the related depreciation and impairment losses/reversals shall be disclosed separately."
"Security deposits" shall be removed from "Financial assets" and to be disclosed under "other non-current asset"
Trade receivables ageing schedule
Detailed disclosure regarding title deeds of Immovable Property not held in name of the Company
Details of Benaim Property held
Willful Defaulter
Relationship with Struck off Companies
Pending registration of charges or satisfaction with Registrar of Companies
Where any charges or satisfaction yet to be registered with ROC beyond the statutory period, details and reasons thereof shall be disclosed.
Compliance with number of layers of companies
Where the company has not complied with the number of layers prescribed under clause (87) of section 2 of the Act read with the Companies (Restriction on number of Layers) Rules, 2017, the name and CIN of the companies beyond the specified layers and the relationship or extent of holding of the company in such downstream companies shall be disclosed.
Where the company has not used the borrowings from banks and financial institutions for the specific purpose for which it was taken at the balance sheet date, the company shall disclose the details of where they have been used
Disclosures shall be made where Loans or Advances in the nature of loans are granted to promoters, directors, KMPs and the related parties (as defined under Companies Act, 2013,) either severally or jointly with any other person
Capital work in progress and intangibles under development
Where the Company has borrowings from banks or financial institutions on the basis of security of current assets, it shall disclose the following:-
(a) whether quarterly returns or statements of current assets filed by the Company with banks or financial institutions are in agreement with the books of accounts.
(b) if not, summary of reconciliation and reasons of material discrepancies, if any to be adequately disclosed.
Ratios to be disclosed
Compliance with approved Scheme(s) of Arrangements
Where any Scheme of Arrangements has been approved by the Competent Authority in terms of sections 230 to 237 of the Companies Act, 2013, the Company shall disclose that the effect of such Scheme of Arrangements have been accounted for in the books of account of the Company ‘in accordance with the Scheme’ and ‘in accordance with accounting standards’ and deviation in this regard shall be explained.
Utilization of Borrowed funds and share premium
Profit and loss statement
Undisclosed income
The Company shall give details of any transaction not recorded in the books of accounts that has been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (such as, search or survey or any other relevant provisions of the Income Tax Act, 1961), unless there is immunity for disclosure under any scheme and also shall state whether the previously unrecorded income and related assets have been properly recorded in the books of account during the year
Corporate Social Responsibility (CSR)
Details of Crypto Currency or Virtual Currency
Statement of changes in equity
