Amendments in Schedule III – Division I

Schedule III - Division I (Section 129)

FORMAT: PART I- BALANCE SHEET

Balance Sheet as at 31st March, 20XX

Figures as at the Figures as at the
Note
Particulars end of current end of previous
No
reporting period reporting period
I. EQUITY AND LIABILITIES
(1) Shareholder's Funds
(a) Share Capital
(b) Reserves and Surplus
(c) Money received against share warrants
(2) Share application money pending allotment
(3) Non-Current Liabilities
(a) Long-term borrowings
(b) Deferred tax liabilities (Net)
(c) Other Long term liabilities
(d) Long term provisions
(4) Current Liabilities
(a) Short-term borrowings
(b) Trade payables
(c) Other current liabilities
(d) Short-term provisions
Total

II.Assets
(1) Non-current assets
(a) Property, Plant and Equipment and Intangible Assets
(i) Property, Plant and Equipment Tangible assets
(ii) Intangible assets
(iii) Capital work-in-progress
(iv) Intangible assets under development
(b) Non-current investments
(c) Deferred tax assets (net)
(d) Long term loans and advances
(e) Other non-current assets

(2) Current assets

(a) Current investments
(b) Inventories
(c) Trade receivables
(d) Cash and cash equivalents
(e) Short-term loans and advances
(f) Other current assets
Total
Amendments in Schedule III – Division I
FORMAT: Part II- STATEMENT OF PROFIT AND LOSS

Profit and Loss statement for the year ended 31st March, 20XX.
Figures as at the Figures as at the
Note
Particulars No
end of current end of previous
reporting period reporting period
I. Revenue from operations
II. Other Income
III. Total Income Revenue (I +II)
IV. Expenses:
Cost of materials consumed
Purchase of Stock-in-Trade
Changes in inventories of finished goods, work-in-
progress and Stock-in-Trade
Employee benefit expense
Financial costs
Depreciation and amortization expense
Other expenses
Total Expenses

V. Profit before exceptional and extraordinary

items and tax (III - IV)

VI. Exceptional Items

VII Profit before extraordinary items and tax(V-VI)

VIII. Extraordinary Items

IX. Profit before tax (VII - VIII)

X. Tax expense:
(1) Current tax
(2) Deferred tax

XI. Profit(Loss)from continuing operations(VII-VIII)

XII. Profit/(Loss) from discontinuing operations

XIII. Tax expense of discounting operations

XIV. Profit/(Loss) from Discontinuing operations

(XII - XIII)
XV. Profit/(Loss) for the period (XI + XIV)

XVI. Earning per equity share:

(1) Basic
(2) Diluted
 Amendments in Schedule III – Division I
A) General instruction:-
1. Compliance with the requirements of the Companies Act including Accounting Standards to have
precedence over the requirements of the Schedule III to the Companies Act, 2013.
2. Disclosure requirements specified in Part I and Part II of this Schedule are in addition to the disclosure
requirements of the Companies Act including Accounting Standards.
3. Notes to accounts to contain information in addition to that presented in the Financial Statements and shall
provide where required (a) narrative descriptions or disaggregations of items recognized in those statements
and (b) information about items that do not qualify for recognition in those statements.
4. Each item on the face of the Balance Sheet and Statement of Profit and Loss shall be cross referenced to any
related information in the notes to accounts.
5. The corresponding amounts for the immediately preceding year to be shown for all items in financial
statements including notes except for first financial statements.
6. Round off: Depending upon the Total Income turnover of the company, the figures appearing in the
Financial Statements shall may be rounded off as given below:
(a) Total income Turnover < Rs. 100 Crores – Round off to the nearest hundreds, thousands, lakhs or
millions or decimal thereof.
(b) Total income Turnover > Rs. 100 Crores - Round off to the nearest lakhs, millions or crores, or
decimal thereof.
Once a unit of measurement is used, it should be used uniformly in the Financial Statements.
7. A liability shall be classified as current when it satisfies any of the following criteria:
(a) it is expected to be settled in the company's normal operating cycle;
(b) it is held primarily for the purpose of being traded;
(c) it is due to be settled within twelve months after the reporting date; or
(d) the company does not have an unconditional right to defer settlement of the liability for at least twelve
months after the reporting date. Terms of a liability that could at the option of the counterparty, result in
its settlement by the issue of equity instruments do not affect its classification.
All other liabilities shall be classified as non- current.
8. An asset shall be classified as current when it satisfies any of the following criteria:
(a) it is expected to be realized in, or is intended for sale or consumption in, the company’s normal
operating cycle;
(b) it is held primarily for the purpose of being traded;
(c) it is expected to be realized within twelve months after the reporting date; or
(d) it is cash or cash equivalent unless it is restricted from being exchanged or used to settle a liability for at
least twelve months after the reporting date.
All other assets shall be classified as non-current.
9. An operating cycle is the time between the acquisition of assets for processing and their realization in Cash
or cash equivalents. Where the normal operating cycle cannot be identified, it is assumed to have a duration
of 12 months.
10. A receivable shall be classified as a ‘trade receivable’ if it is in respect of the amount due on account of
goods sold or services rendered in the normal course of business.
11. A payable shall be classified as a ‘trade payable’ if it is in respect of the amount due on account of goods
purchased or services received in the normal course of business.
12. “Broad heads” shall be decided taking into account the concept of materiality and presentation of true and
fair view of financial statements.
 Amendments in Schedule III – Division I
B) Explanation of Notes:
Part I: Balance Sheet.
SHARE CAPITAL:
for each class of share capital (different classes of preference shares to be treated separately)
(a) the number and amount of shares authorized;
(b) the number of shares issued, subscribed and fully paid, and subscribed but not fully paid;
(c) par value per share;
(d) a reconciliation of the number of shares outstanding at the beginning and at the end of the reporting period;
(e) the rights, preferences and restrictions attaching to each class of shares including restrictions on the
distribution of dividends and the repayment of capital;
(f) shares in respect of each class in the company held by its holding company or its ultimate holding company
including shares held by or by subsidiaries or associates of the holding company or the ultimate holding
company in aggregate;
(g) shares in the company held by each shareholder holding more than 5 percent shares specifying the number of
shares held;
(h) For the period of five years immediately preceding the date as at which the Balance Sheet is prepared:
 Aggregate number and class of shares allotted as fully paid up pursuant to contract(s) without payment
being received in cash.
 Aggregate number and class of shares allotted as fully paid up by way of bonus shares.
 Aggregate number and class of shares bought back.
(i) Calls unpaid (showing aggregate value of calls unpaid by directors and officers)
(j) Forfeited shares (amount originally paid up)
(k) A company shall disclose Shareholding of Promoters as below:

Shares held by promoters at the end of the year % Change during

the year**
S. No Promoter name No. of Shares* %of total shares*

Total
* Details shall be given separately for each class of shares
** % change shall be computed with respect to the number at the beginning of the year or if issued
during the year for the first time then with respect to the date of issue. ”
RESERVES AND SURPLUS
1. Classification of Reserves and Surplus into
- Capital reserves
- Capital Redemption Reserves
- Securities premium reserves
- Debenture Redemption Reserve
- Revaluation Reserve
- Share Option Outstanding Account
- Other reserves – (specifying nature, purpose and amount of each reserve)
- Surplus, showing allocations and appropriations such as dividend, bonus shares and transfer to / from
reserves
2. Additions and Deductions since last Balance Sheet date to be shown under each of the specified heads
3. The word ‘fund' in connection with reserve is to be used only where such Reserve is specifically represented
by earmarked investments.
4. Negative balance of Profit & Loss account, if any, to be shown under the "Surplus" head as a negative figure.
Amendments in Schedule III – Division I
NON-CURRENT LIABILITIES
(a) Long-term Borrowings
(i) Classification of Long term Borrowings into-
a) Bonds / Debentures
b) Term Loans:
 From Banks
 From Other Parties
c) Deferred Payment liabilities
d) Deposits shown
e) Loans and advances from related parties
f) Long Term maturities of finance lease obligations
g) Other Loans and advances, specifying nature, shown
(ii) Long term Borrowings to be sub-classified as:
- Secured(nature of the security to be specified)
- Unsecured
(iii) Aggregate of loans guaranteed by the following should be disclosed
- Directors - Others
(iv) Rate of interest and terms of redemption / conversion of bonds / debentures (to be stated in descending order
of maturity of redemption / conversion)
(v) Period and amount of continuing default in the repayment of loans and interest shown separately in each case
(b) Other Long-term Liabilities: Classification as:-
- Trade payables - Others
(c) Long-Term Provisions: Classification of Provisions as:
- Provision for employee benefits - Others (Specifying nature)
CURRENT LIABILITIES
(a) Short-Term Borrowings
(i) Classification of borrowings as:
(a) Loans repayable on demand
- From banks - From other parties
(b) Loans and Advances from related parties
(c) Deposits
(d) Other Loans and Advances, specifying nature
(ii) Further sub-classification of the borrowings into:
- Secured(nature of the security to be specified) - Unsecured
(iii) Aggregate of loans guaranteed by the following should be disclosed:
- Directors - Others
(iv) Period and amount of continuing default in the Repayment of Loans and Interest shown separately in each case
(v) Current maturities of Long term borrowings shall be disclosed separately
(b) Trade Payable: The following ageing schedule shall be given for Trade payables due for payment:
Trade Payables ageing schedule (Amount in Rs.)
Particulars Outstanding for following periods from due date of payment#
Less than 1 year 1-2 years 2-3 years More than 3
years Total
(i) MSME
(ii) Others
(iii) Disputed dues – MSME
(iv) Disputed dues – Other
Amendments in Schedule III – Division I
# similar information shall be given where no due date of payment is specified in that case disclosure shall be
from the date of the transaction.
Unbilled dues shall be disclosed separately;

(c) Other Current Liabilities: Classification of other current liabilities into:

- Current maturities of Long term debt
- Current maturities of finance lease obligations
- Interest accrued but not due on borrowings
- Interest accrued and due on borrowings
- Income received in advance
- Application money received for allotment of securities and due for refund and interest accrued
thereon.
- Unpaid matured deposits and interests accrued thereon
- Unpaid matured debentures and interest accrued thereon
- Other payables, specifying nature
(d) Short- term Provisions:- Classification of short term provisions into:
- Provision for employee benefits - Others, specifying nature

NON-CURRENT ASSETS
(i) Property, Plant and Equipment Tangible Assets:-
1. Classification of Tangible Assets into:
- Land
- Buildings
- Plant and Equipment
- Furniture and fixtures
- Vehicles
- Office Equipments
- Others (specifying nature)
2. Asset under lease shall be shown separately under each class of asset
3. Reconciliation of 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)
- Other Adjustments
- Depreciation
- Impairment losses/reversals
4. Where a capital reduction scheme or a revaluation of assets has taken place, every balance sheet subsequent
to the reduction or revaluation shall show the reduced/increased figures, the date of the reduction/increase
and the amount of reduction / increase for the first 5 years subsequent to the reduction /revaluation.
(ii) Intangible Assets
1. Classification of Intangible Assets into:
- Goodwill
- Brands/trademarks
- Computer software
- Mastheads and publishing titles
- Mining rights
- Copyrights and patents and other Intellectual property rights, services and operating rights
- Recipes, formulae, models, designs and prototypes
- Licenses and franchises
- Others (specifying nature)
Amendments in Schedule III – Division I
2. Reconciliation of 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 Intangible Asset)
- Other Adjustments
- Amortization
- Impairment losses/reversals
3. Where a capital reduction scheme or a revaluation of assets has taken place, every balance sheet subsequent
to the reduction or revaluation shall show the reduced/increased figures, the date of the reduction/increase
and the amount of reduction/increase for the first 5 years subsequent to the reduction / revaluation.
(iii) Capital Work In Progress
(iv) Intangible Assets Under Development
(b) Non-Current Investments
1. Non-current Investments are classified into Trade investments & Other Investments and further classified into
a) Investments in Property
b) Investments in Equity instruments
c) Investments in Preference shares
d) Investments in Government or trust securities
e) Investments in Debentures or Bonds
f) Investments in Mutual funds
g) Investments in Partnership firms
h) Others (specifying nature)
2. In case of investments in bodies corporate the following additional disclosures shall be made under each
classification:
- Names of the body corporate (indicating whether they are associates, joint ventures, subsidiaries or
controlled special purpose entities)
- Nature and extent of the investments
- Partly paid investments to be separately shown.
3. Investments carried at other than costs to be separately shown specifying basis of valuation
4. Following shall be additionally disclosed:
- Aggregate book value of Quoted Investments and market value thereof
- Aggregate amount of unquoted investments
- Aggregate provision for diminution in value of investments
(d) Long Term Loans and Advances
1. Loans and advances classified into:
a) Capital Advances
b) Security deposits
c) Loans and advances to related parties (giving details thereof)
d) Other loans and advances (specifying nature)

2. Sub-classification of above as:

- Secured, considered good
- Unsecured, considered good
- Doubtful

3. Allowance for bad and doubtful loans and advances disclosed under relevant heads.
Amendments in Schedule III – Division I
4. Loans and Advances due from:
- Directors or other officers of the company
- Amounts due by firms in which any director is a partner
- Amounts due by private companies in which any director is a director or member.
(e) Other Non-Current Assets
1. Other non-current assets classified into:
- Long term trade receivables (including deferred credits)
- Security deposits
- Others (specifying nature)
2. Long term trade receivables, shall be sub-classified as:
a) Secured, considered good
Unsecured, considered good
Doubtful
b) Allowance for bad and doubtful loans and advances disclosed under relevant heads.
c) Loans and Advances due from:
- Directors or other officers of the company
- Amounts due by firms in which any director is a partner
- Amounts due by private companies in which any director is a director or member.
d) For trade receivables outstanding, following ageing schedule shall be given:
Trade Receivables ageing schedule (Amount in Rs.)
Outstanding for following periods from due date of
payment#
Less than 6 months 1-2 2-3 More than Total
Particulars 6 months - 1 year Years Years 3 years
(i) Undisputed Trade receivables – considered good
(ii) Undisputed Trade Receivables – considered doubtful
(iii) Disputed Trade Receivables considered good
(iv)Disputed Trade Receivables considered doubtful
# similar information shall be given where no due date of payment is specified, in that case disclosure shall be
from the date of the transaction.
Unbilled dues shall be disclosed separately.
CURRENT ASSETS
(a) Current Investments
1. Current Investments are classified as follows
a) Investments in Property
b) Investments in Equity instruments
c) Investments in Preference shares
d) Investments in Government or trust securities
e) Investments in Debentures or Bonds
f) Investments in Mutual funds
g) Investments in Partnership firms
h) Others (specifying nature)
2. In case of investments in bodies corporate the following additional disclosures shall be made under each
classification:
- Names of the body corporate (indicating whether they are associates, joint ventures, subsidiaries or
controlled special purpose entities)
- Nature and extent of the investments
- Partly paid investments to be separately shown
3. Following shall be additionally disclosed:
- The basis of valuation of individual investments
- Aggregate book value of Quoted Investments and market value thereof
- Aggregate amount of unquoted investments
- Aggregate provision for diminution in value of investments
Amendments in Schedule III – Division I
(b) Inventories
1. Classification of Inventories into:
a) Raw materials
b) Work in progress
c) Finished goods
d) Stock in trade (in respect of goods acquired for trading )
e) Stores and spares
f) Loose tools
g) Others (specifying nature)
2. Goods-in-transit to be disclosed under relevant sub-head.
3. Mode of Valuation to be stated
(c) Trade Receivables
1. For trade receivables outstanding, following ageing schedule shall be given:
Trade Receivables ageing schedule (Amount in Rs.)
Particulars Outstanding for following periods from due date of
payment#
Less than 6 months 1-2 2-3 More than Total
6 months - 1 year Years Years 3 years
(i) Undisputed Trade receivables – considered good
(ii) Undisputed Trade Receivables – considered doubtful
(iii) Disputed Trade Receivables considered good
(iv)Disputed Trade Receivables considered doubtful
# similar information shall be given where no due date of payment is specified, in that case disclosure shall be
from the date of the transaction.
Unbilled dues shall be disclosed separately.
Aggregate amount of outstanding trade receivables exceeding 6 months shown separately
2. Sub-classification of Trade Receivables:
- Secured, considered good
- Unsecured, considered good
- Doubtful
3. Allowance for bad and doubtful debts disclosed under relevant heads:
4. Debts due from:
- Directors or other officers of the company
- Amounts due by firms in which any director is a partner
- Amounts due by private companies in which any director is a director or member
(d) Cash and Cash Equivalents
1. Classification of Cash and Cash Equivalents into:
a) Balances with Bank
b) Cheques, Drafts on hand
c) Cash on hand
d) Others (specifying nature)
2. The following shall be shown separately :
a) Earmarked balances with bank.
b) Balances with bank held as margin money or security against borrowing, guarantees and other
commitments.
c) Repatriation restrictions, if any, in respect of cash and bank balances.
d) Bank deposits with more than 12 months maturity.
(e) Short Term Loans And Advances
1. Classification of Loans and Advances :
a) Loans and Advances to Related parties (giving details thereof)
b) Others (specifying nature)
Amendments in Schedule III – Division I
2. Sub-classification of Loans and Advances :
a) Secured, considered good
b) Unsecured, considered good
c) Doubtful
3. Allowance for bad and doubtful debts disclosed under relevant heads
4. Debts due from:
- Directors or other officers of the company
- Amounts due by firms in which any director is a partner
- Amounts due by private companies in which any director is a director or member
(f) Other Current Assets:
All inclusive heading which incorporates current assets that do not fit in other asset categories.
CONTINGENT LIABILITIES AND COMMITMENTS: The following shall be disclosed to the extent not
provided for:
1. Classification of Contingent liabilities:
a) Claims against the company not acknowledged as debts.
b) Guarantees.
c) Other money for which the company is contingently liable.
2. Commitments shall be classified as:
a) Estimated amount of contracts remaining to be executed on capital account and not provided for;
b) Uncalled liability on shares and other investments partly paid
c) Other commitments (specify nature).
3. Bills discounted/endorsed.

Additional Regulatory Information

(1) Capital-Work-in Progress (CWIP): Following ageing schedule shall be given
CWIP aging schedule
(Amount in Rs.)
CWIP Amount in CWIP for a period of Total*
Less than 1 1-2 2-3 More than 3
year Years Years years
Projects in progress
Projects temporarily suspended
* Total shall tally with CWIP amount in the balance sheet.

(2) Intangible assets under development: Following ageing schedule shall be given:
Intangible assets under development aging schedule
(Amount in Rs.)
Intangible assets under development Amount in CWIP for a period of Total*
Less than 1 1-2 2-3 More than 3
year Years Years years
Projects in progress
Projects temporarily suspended
* Total shall tally with the amount of Intangible assets under development in the balance sheet.
(3) Details of Benami Property held
(4) Following Ratios to be disclosed:
(a) Current Ratio,
(b) Debt-Equity Ratio,
(c) Debt Service Coverage Ratio,
(d) Return on Equity Ratio,
(e) Inventory turnover ratio,
Amendments in Schedule III – Division I

(f) Trade Receivables turnover ratio,

(g) Trade payables turnover ratio,
(h) Net capital turnover ratio,
(i) Net profit ratio,
(j) Return on Capital employed,
(k) Return on investment.
The company shall explain the items included in numerator and denominator for computing the above ratios.
Further explanation shall be provided for any change in the ratio by more than 25% as compared to the
preceding year.
(5) Utilisation of Borrowed funds and share premium.

PROFIT AND LOSS ACCOUNT

The following shall be disclosed separately by way of notes to accounts:

I. REVENUE FROM OPERATIONS

1. In respect of Company other than Finance Company, revenue shall be disclosed separately in notes
from:
- Sale of products
- Sale of services
- Grants or donations received (relevant in case of section 8 companies only)
- Other Operating revenues
- Less: Excise Duty

2. In respect of Finance Company, revenue shall be disclosed separately in notes from:

- Interest
- Other Financial Services

3. Gross Income / Sales to be shown under broad heads.

II. OTHER INCOME

Classification of Other Income into:
- Interest Income (except for a finance company)
- Dividend Income
- Net gain / loss on sale of Investments
- Net gain from foreign currency transactions & translations other than those considered as Finance Costs
III. EXPENSES:
a) Employee Benefits Expense: The following shall be shown separately:
- Salaries and Wages
- Contribution to Provident and Other Funds
- Expenses on Employee Stock Option Scheme (ESOP) and Employee Stock Purchase Plan (ESPP)
- Staff Welfare Expenses
b) Finance Costs: Classification of Finance Cost into:
- Interest Expense
- Other Borrowing Cost
- Net gain / loss from foreign currency transactions and translations
c) Other Expenses
(1) Any item of expenditure which exceed 1 % of revenue from operations or Rs.1 lakh, whichever is
higher
(2) Adjustments to the carrying amount of investments
(3) Net loss from foreign currency transactions and translations other than those considered as Finance
Costs
Amendments in Schedule III – Division I
d) Payment to the Auditors:
- As Auditors
- For Taxation matters
- For Company Law matters
- For Management services
- For other services
- For Reimbursement of expenses

e) Prior Period Items

f) Following expenditures to be shown separately:

- Consumption of stores and spare parts
- Power and Fuel
- Rent
- Repairs to Buildings
- Repairs to Machinery
- Insurance
- Rates and Taxes, excluding Tax on Income
- Miscellaneous Expenses

IV. 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.

V. Corporate Social Responsibility (CSR): Where the company covered under section 135 of the companies
act, the following shall be disclosed with regard to CSR activities:-

(i) amount required to be spent by the company during the year,

(ii) amount of expenditure incurred,
(iii) shortfall at the end of the year,
(iv) total of previous years shortfall,
(v) reason for shortfall,
(vi) nature of CSR activities,
(vii) details of related party transactions, e.g., contribution to a trust controlled by the company in relation
to CSR expenditure as per relevant Accounting Standard,
(viii) where a provision is made with respect to a liability incurred by entering into a contractual
obligation, the movements in the provision during the year should be shown separately.

VI. Details of Crypto Currency or Virtual Currency: Where the Company has traded or invested in Crypto
currency or Virtual Currency during the financial year, the following shall be disclosed:-

(i) profit or loss on transactions involving Crypto currency or Virtual Currency

(ii) amount of currency held as at the reporting date, deposits or advances from any person for the
purpose of trading or investing in Crypto Currency/ virtual currency.