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of <h1>Schedule III of Companies Bill, 2011: Guidelines for Balance Sheet, Profit & Loss, and Disclosure Requirements</h1> Schedule III of the Companies Bill, 2011 outlines the preparation of a company's Balance Sheet and Statement of Profit and Loss. It mandates compliance with the Act and relevant Accounting Standards, requiring additional disclosures in notes to accounts. Financial statements must balance detail with clarity, and figures may be rounded based on turnover. Assets and liabilities are classified as current or non-current based on criteria like the operating cycle. Disclosure requirements cover share capital, reserves, borrowings, liabilities, assets, and contingent liabilities. The statement of profit and loss must detail revenue, expenses, and profits, with specific classifications for finance costs and other income. Consolidated financial statements must include minority interests and additional disclosures for subsidiaries, associates, and joint ventures.
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