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  News & Events
 
20/01/2022
SEBI launches Saa₹thi mobile app on investor education
17/01/2022
Extension of last date for complying with the mandatory CPE hours’ requirements for the Calendar Year 2021 - ICAI
Bombay HC sets aside rejection of refund claims by GST authorities
15/01/2022
Budget session of Parliament to commence on 31st January
Delhi Man Arrested For Issuing Fake GST Invoices Worth Rs. 4,521 Cr
11/01/2022
CBDT extends due dates for filling Audit reports and IT Returns for 2021-22
06/01/2022
Tax Audit Due Date Extension - Retweet / Comments
SEBI encourages investors to file their complaints through SCORES portal
Xiaomi Technology India Pvt Ltd evades customs duty of Rs 653 Cr - FinMin
 
 
  Notification/Circulars
20/01/2022
Computation of capital gains for the purposes of sub-section (1B) of section 45
CBDT amend the Securities Transaction Tax Rules, 2004
CBDT notifies e-advance rulings Scheme, 2022
Guidelines under clause (10D) section 10 of the Income-tax Act, 1961 - CBDT
14/01/2022
Delhi Govt includes Chartered Accountants & Income Tax Practitioners in Exempted category
07/01/2022
Basel III Framework on Liquidity Standards – Liquidity Coverage Ratio (LCR), Liquidity Risk Monitoring Tools and LCR Disclosure Standards and Net Stable Funding ratio
06/01/2022
Master Circular - Bank Finance to Non-Banking Financial Companies (NBFCs)
05/01/2022
Retail Direct Scheme – Market Making - RBI
Article Details
Disclosure requirement under Revised Schedule III of the Companies Act, 2013

Disclosure requirement under Revised Schedule III of the Companies Act, 2013

Schedule III of the Companies Act, 2013 amended and w.e.f. 01/04/2021 the changes will be applicable in preparation of Balance Sheet

  1. On the face of the Balance sheet the following should be disclosed
  1. Current maturity of Long Term Borrowings should be disclosed under the head Borrowings
  2. Security Deposits should be bifurcated into Current Deposit and Non Current Deposit under the head Other Financial Assets
  3. Lease Liabilities should be bifurcated into Current Deposit and Non Current Deposit under the head Lease Liabilities

  1. New Additional disclosure in the Note to the Balance sheet should be disclosed
  1. Share Capital Note:

Details of Promoter holdings in the following format should be disclosed in all cases of the Company

Promoter’s Name

F.Y. 2021-22

% changes during the F.Y.2021-22

No. of Shares

% of the Total Share

  1. Trade Payable: Ageing schedule of only overdue including the outstanding where no due date of payment specified in the following format

Particulars

Outstanding for the following periods from due dates of the payment

<1 year

1– 2 years

2– 3 years

>3 years

Total

1.MSME

2.Others

3.Disputed dues with MSME

4.Disputed dues with Others

  1. Trade Receivables: Ageing schedule of only overdue including the outstanding where no due date of payment specified in the following format

Particulars

Outstanding for the following periods from due dates of the payment

<6 month

<6 months to 1 year

1– 2 years

2– 3 years

>3 years

Total

1.Undisputed Trade Receivable

2. Undisputed Trade Receivable which have significant increase in Risk

3. Undisputed Trade Receivable credit impaired

4.Disputed Trade Receivable considered Good

5.Disputed Trade Receivable which have significant increase in Risk

6.Disputed Trade Receivable credit impaired

  1. Statement of Current Assets filed with banks and financial institutions for borrowing facilities:

Whether the statement of current assets filed with bank and financial institution for borrowings are in agreement with book of accounts, if not, the reconciliation and description of material discrepancies are required to be disclosed

  1. Capital work in progress (CWIP) and Intangible Assets under Development (IAUD)

Ageing disclosure for CWIP and IAUD should be disclosed in the following format

Disclosure for Capital work in progress (CWIP)

Particulars

Amount in CWIP for a period of

<1 year

1– 2 years

2– 3 years

>3 years

Total

1.Project in Progress

2.Project Temporary Suspended

Disclosure for Intangible Assets under Development (IAUD)

Particulars

Amount in CWIP for a period of

<1 year

1– 2 years

2– 3 years

>3 years

Total

1.Project 1

2.Project 2

  1. Accounting for scheme of Arrangement

Such disclosure is to be given in the Auditor’s Report. Now it is also to be given in the notes to Financial Statements. The terms of the schemes are in agreement with applicable accounting standard or not

  1. Disclosure of Ratios:

The following financial and accounting ratios need to be disclosed. The element of each ratio forming numerator and denominator is to be disclosed. Incase of change in any ratio exceeding 25% as compared to the preceding year, additional explanation on such deviation need to be given

As per schedule V of the SEBI (Listing obligation and disclosure requirement), details of more than 25% change in ratios to be given in management, discussion and analysis section in Annual Report

(1) Current Ratio, (2) Debt-Service coverage ratio, (3) Inventory Turnover Ratio, (4) Trade Payable Turnover Ratio, (5) Net Profit Ratio, (6) Debt-Equity Ratio, (7) Return on Equity Ratio, (8) Trade Receivable Turnover Ratio, (9) Net Capital Turnover Ratio, (10) Return on Capital Employed, (11) Return on Investment

Note: Change in Return on Networth to be disclosed irrespective of percentage changes

  1. Relationship with struck off Company

If company has any transaction with struck off Companies, they shall disclose the following details

Name of Struck off Company

Nature of transaction with struck off Company

Balance Outstanding

Relationship with the struck off Company

Investment in securities

Recoverable

Payable

Shares held by Struck off company

Others

  1. Registration of charge or satisfaction of charge

The company shall disclose whether any charge or satisfaction of charge is pending to be registered with ROC beyond the statutory period and details thereof

  1. Inclusion of prior period errors

Equity change statement to include prior period errors column in Equity Share Capital reconciliation

  1. Details of crypto currency or virtual currency

For entities investing and trading in crypto currency and virtual currencies during the year, details of amount of Gain / Loss, amount of currency held at reporting date, deposits or advances taken for trading / investing in crypto currencies need to be given