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of <h1>Central Government Amends Schedule III of Companies Act, 2013: New Divisions for Financial Statements Effective April 6, 2016.</h1> The Central Government amended Schedule III of the Companies Act, 2013, effective from April 6, 2016. The amendment introduces two divisions for financial statements: Division I for companies complying with the Companies (Accounting Standards) Rules, 2006, and Division II for those complying with the Companies (Indian Accounting Standards) Rules, 2015. The changes specify general instructions for preparing balance sheets and profit and loss statements, including disclosure requirements, classification of assets and liabilities, and rounding off figures based on turnover. It also outlines guidelines for consolidated financial statements and additional disclosure requirements for companies.
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