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of <h1>Ministry of Corporate Affairs Amends Schedule III of Companies Act 2013: Key Changes in Financial Reporting Standards.</h1> The notification from the Ministry of Corporate Affairs, Government of India, announces amendments to Schedule III of the Companies Act, 2013, effective from October 11, 2018. Key changes include terminology updates such as replacing 'Fixed assets' with 'Property, Plant and Equipment' and specifying sub-classifications for trade receivables and loans based on credit risk. It introduces detailed disclosure requirements for trade payables, especially concerning micro, small, and medium enterprises. Additionally, it establishes guidelines for Non-Banking Financial Companies (NBFCs) preparing financial statements under Indian Accounting Standards, emphasizing comprehensive disclosure and classification requirements. The notification aims to enhance clarity and transparency in financial reporting.
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