Schedule III amendments: new classifications for trade payables, receivables, and detailed Ind AS financial statement rules for NBFCs. Amendments to Schedule III revise terminology and presentation-substituting 'Property, Plant and Equipment' for 'Fixed assets' and changing 'shall' to 'should'-and require classification of trade payables into dues of micro and small enterprises and other creditors with detailed MSME-related note disclosures. Receivables and loans must be sub-classified into secured, unsecured, significant increase in credit risk, and credit impaired. Division III prescribes comprehensive Ind AS-compliant financial statement formats, line items, reconciliation tables and note disclosures specific to NBFCs, including equity reserve descriptions and consolidation-related disclosures.
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Provisions expressly mentioned in the judgment/order text.
Schedule III amendments: new classifications for trade payables, receivables, and detailed Ind AS financial statement rules for NBFCs.
Amendments to Schedule III revise terminology and presentation-substituting "Property, Plant and Equipment" for "Fixed assets" and changing "shall" to "should"-and require classification of trade payables into dues of micro and small enterprises and other creditors with detailed MSME-related note disclosures. Receivables and loans must be sub-classified into secured, unsecured, significant increase in credit risk, and credit impaired. Division III prescribes comprehensive Ind AS-compliant financial statement formats, line items, reconciliation tables and note disclosures specific to NBFCs, including equity reserve descriptions and consolidation-related disclosures.
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