TaxTMI 
TaxTMI 
Regarding amendments in Schedule III to the Companies Act, 2013
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....structions for preparation of Balance Sheet", in paragraph 6,- (I) under the heading "B. Reserves and Surplus", in item (i), in sub- item (c), the word "Reserve" shall be omitted; (II) in clause W., for the words "fixed assets", the words "Property, Plant and Equipment" shall be substituted; (b) in Division II, in Part I- Balance Sheet,- (i) under the heading "Equity and Liabilities", for the words "Trade payables" at both the places where they occur, the following shall be substituted, namely:- "Trade Payables:- (A) total outstanding dues of micro enterprises and small enterprises; and (B) total outstanding dues of creditors other than micro enterprises and small enterprises."; (ii) under the heading "Statement of Changes in Equity", under sub-heading "B. Other Equity",- (A) for the words "Securities Premium Reserve", the words "Securities Premium" shall be substituted; (B) The "Note" shall be renumbered as clause (i) thereof and after clause (i) as so renumbered, the following clause shall be inserted, namely:- "(ii) A description of the purposes of each reserve within equity shall be disclosed in the Notes."; (iii) in the "Notes", under the he....
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....ing year; (c) the amount of interest due and payable for the period of delay in making payment (which has been paid but beyond the appointed day during the year) but without adding the interest specified under the Micro, Small and Medium Enterprises Development Act, 2006; (d) the amount of interest accrued and remaining unpaid at the end of each accounting year; and (e) the amount of further interest remaining due and payable even in the succeeding years, until such date when the interest dues above are actually paid to the small enterprise, for the purpose of disallowance of a deductible expenditure under section 23 of the Micro, Small and Medium Enterprises Development Act, 2006. Explanation.- The terms 'appointed day', 'buyer', 'enterprise', 'micro enterprise', 'small enterprise' and 'supplier', shall have the same meaning as assigned to them under clauses (b), (d), (e), (h), (m) and (n) respectively of section 2 of the Micro, Small and Medium Enterprises Development Act, 2006.". (B) in paragraph 9, after the words "For instance,", the words "plain vanilla" shall be inserted; (c) after Division II and the entries relating thereto, the following shall be inserte....
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....ed to any related information in the Notes. In preparing the Financial Statements including the Notes, a balance shall be maintained between providing excessive details that may not assist users of Financial Statements and not providing important information as a result of too much aggregation. 5. Depending upon the total income of the NBFC, the figures appearing in the Financial Statements shall be rounded off as below: Total Income Rounding off (i) less than one hundred crore rupees To the nearest hundreds, thousands, lakhs or millions, or decimals thereof. (ii) one hundred crore rupees or more To the nearest, lakhs, millions or crores, or decimals thereof. Once a unit of measurement is used, it should be used uniformly in the Financial Statements. 6. Financial Statements shall contain the corresponding amounts (comparatives) for the immediately preceding reporting period for all items shown in the Financial Statements including Notes except in the case of first Financial Statements after incorporation. 7. Financial Statements shall disclose all 'material' items, i.e., the items if they could, individually or collectively, influence the eco....
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....ank Balance other than (a) above (c) Derivative financial instruments (d) Receivables (I) Trade Receivables (II) Other Receivables (e) Loans (f) Investments (g) Other Financial assets (to be specified) (2) Non-financial Assets (a) Inventories (b) Current tax assets (Net) (c) Deferred tax Assets (Net) (d) Investment Property (e) Biological assets other than bearer plants (f) Property, Plant and Equipment (g) Capital work-in-progress (h) Intangible assets under development (i) Goodwill (j) Other Intangible assets &n....
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....reporting period Changes in equity share capital during the year Balance at the end of the reporting period Xxx xxx xxx B. Other Equity Share application money pending allotment Equity component of compound financial instruments Reserves and Surplus Debt instruments through Other Comprehensive Income Equity Instruments through Other Comprehensive Income Effective portion of Cash Flow Hedges Revaluation Surplus Exchange differences on translating the financial statements of a foreign operation Other items of Other Comprehensive Income (specify nature) Money received against share warrants Total Statutory Reserve Capital Reserve Securities Premium Other Reserves (specify nature) Retained Earnings Balance at the beginning of the reporting period Changes in accounting policy or prior period errors  ....
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....iv) Others (specify nature). Cash and Bank balances: The following disclosures with regard to cash and bank balances shall be made: (i) Earmarked balances with banks (for example, for unpaid dividend) shall be separately stated. (ii) Balances with banks to the extent held as margin money or security against the borrowings, guarantees, other commitments shall be disclosed separately. (iii) Repatriation restrictions, if any, in respect of cash and bank balances shall be separately stated. (B) Derivative financial Instruments 1 Explain use of derivatives 2 Cross-reference to Financial Risks section for management of risks arising from derivatives Part I (Current Year) (Previous Year) Notional amounts Fair Value -Assets Fair Value - Liabilities Notional amounts Fair Value - Assets Fair Value - Liabilities (i)Currency derivatives -Spot and forwards -Currency Futures -Currency swaps ....
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.... - Interest rate derivatives - Credit derivatives - Equity linked derivatives - Others Subtotal (ii) (iii)Net investment hedging: (iv)Undesignated Derivatives Total Derivative Financial Instruments (i)+ (ii)+(iii)+(iv) With respect to hedges and hedge accounting, NBFCs may provide a description in accordance with the requirements of Indian Accounting Standards, of how derivatives are used for hedging, explain types of hedges recognized for accounting purposes and their usage/application by the entity. (C) Receivables: (i) Receivables shall be sub-classified as: (a) Receivables considered good - Secure....
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....nbsp; Total (A) - Net (B) (i) Secured by tangible assets (ii) Secured by intangible assets (iii) Covered by Bank/Government Guarantees (iv) Unsecured Total (B)- Gross Less: Impairment loss allowance ....
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....p; Government securities Other approved securities Debt securities Equity instruments Subsidiaries Associates Joint Ventures Others (specify) &....
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....equipment (g) Bearer Plants (h) Others (specify nature) (ii) Assets under lease shall be separately specified under each class of asset. (iii) A reconciliation of the 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 and other adjustments and the related depreciation and impairment los ses or reversals shall be disclosed separately. (I) Goodwill A reconciliation of the gross and net carrying amount of goodwill at the beginning and end of the reporting period showing additions, impairments, disposals and other adjustments. (J) Other Intangible assets (i) Classification shall be given as: (a) Brands or trademarks (b) Computer software (c) Mastheads and publishing titles (d) Mining rights (e) Copyrights, patents, other intellectual property rights, services and operating rights (f) Recipes, formulae, models, designs and prototypes (g) Licenses and franchises (h) Others (specify nature) (ii) A reconciliation of the gross a....
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....(Bonds/ Debenture etc.) Total (A) Debt securities in India Debt securities outside India Total (B) to tally with (A) (i) bonds or debentures (along with the rate of interest, and particulars of redemption or conversion, as the case may be) shall be stated in descending order of maturity or conversion, starting from earliest redemption or conversion date, as the case may be. Where bonds/debentures are redeemable by installments, the date of maturity for this purpose must be reckoned as the date on which the first installment becomes due; (ii) particulars of any redeemed bonds or debentures which the NBFC has power to reissue shall be disclosed. (M) Borrowings (Other than Debt Securities) (Current Year) (Previous Year) At Amortised Cost At....
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....t date in repayment of borrowings and interest shall be specified separately in each case. (N) Deposits (Current Year) (Previous Year) At Amortised Cost At Fair Value Through profit or loss Designate d at fair value through profit or loss Total At Amortised Cost At Fair Value Through profit or loss Designate d at fair value through profit or loss Total Deposits (1) (2) (3) (4)=(1)+(2)+(3) (5) (6) (7) (8)=(5)+(6)+(7) (i) Public Deposits (ii) From Banks (iii)From Others Total (O) Subordinated Liabilities (Current Year) (Previous Year) At Amortised Cost At Fair Value Through profit or loss Designate d at fair value through profit or loss Total At Amortised Cost At Fair Value Through profit or loss Designate d at fair value through ....
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.... 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 five percent shares specifying the number of shares held; (h) shares reserved for issue under options and contracts/commitments for the sale of shares or disinvestment, including the terms and amounts; (i) For the period of five years immediately preceding the date at which the Balance Sheet is prepared: • Aggregate number and class of shares allotted as fully paid up pursuant to contract without payment being received in cash; • Aggregate number and class of shares allotted as fully paid up by way of bonus shares; and • Aggregate number and class of shares bought back; (j) terms of any securities convertible into equity shares issued along with the earliest date of conversion in descending order starting from the farthest such date; (k) calls unpaid (showing aggregate value of calls unpaid by directors and officers); (l) forfeited shares (amount originally paid....
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....made for a specific purpose the whole or part of amount has not been used for the specific purpose at the Balance Sheet date, there shall be indicated by way of note how such unutilized amounts have been used or invested. (X) Other Classification related General Instructions 1. When an NBFC applies an accounting policy retrospectively or makes a restatement of items in the financial statements or when it reclassifies items in its financial statements, the NBFC shall attach to the Balance Sheet, a "Balance Sheet" as at the beginning of the earliest comparative period presented. 2. Share application money pending allotment shall be classified into equity or liability in accordance with relevant Indian Accounting Standards. Share application money to the extent not refundable shall be shown under the head Equity and share application money to the extent refundable shall be separately shown under 'Other financial liabilities'. 3. Preference shares including premium received on issue, shall be classified and presented as 'Equity' or 'Liability' in accordance with the requirements of the relevant Indian Accounting Standards. Accordingly, the disclosure and presentation requir....
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....value changes (iv) Net loss on derecognition of financial instruments under amortised cost category (v) Impairment on financial instruments (vi) Cost of materials consumed (vii) Purchases of Stock-in-trade (viii) Changes in Inventories of finished goods, stock-intrade and work-in- progress (ix) Employee Benefits Expenses (x) Depreciation, amortization and impairment (xi) Others expenses (to be specified) (IV ) Total Expenses (IV) (V ) Profit / (loss) before exceptional items and tax (IIIIV) (VI ) Exceptional items (VII ) Profit/(loss) before tax (V -VI ) (VIII) Tax Expense: (1) Current Tax (2) Deferred Tax (IX) Profit / (loss) for the period from continuing operations(V....
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....s shall include: (A) Profit or loss for the period; (B) Other Comprehensive Income for the period. The sum of (A) and (B) above is 'Total Comprehensive Income'. 3. Interest Income Particulars (Current Year) (Previous Year) On Financial Assets measured at fair value through OCI On Financial Assets measured at Amortised Cost Interest Income on Financial Assets classified at fair value through profit or loss On Financial Assets measured at fair value through OCI On Financial Assets measured at Amortised Cost Interest Income on Financial Assets classified at fair value through profit or loss Interest on Loans Interest income from investments Interest on deposits with Banks Other interest Income Total 4. Net gain/ (loss) on fair value changes* Particulars (Current Year) (Previous Year) (A) Net gain/ (loss) on financial instruments ....
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.... 8. Impairment on financial instruments Particulars (Current Year) (Previous Year) On Financial instruments measured at fair value through OCI On Financial instruments measured at Amortised Cost On Financial instruments measured at fair value through OCI On Financial instruments measured at Amortised Cost Loans Investments Others (to be specified) Total 9. Other expenses (to be specified) Particulars (Current Year) (Previous Year) Rent, taxes and energy costs Repairs and maintenance Communication Costs Printing and stationery Advertisement and publicity Director's fees, allowances and expenses Auditor's fees and expenses Legal and Professional charges Insurance Other expenditure Total * Any item under the s....
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....s and other than NBFCs, mixed basis of presentation may be followed for consolidated financial statements where both kinds of operations are significant. In addition, the consolidated financial statements shall disclose the information as per the requirements specified in the applicable Indian Accounting Standards notified under the Companies (Indian Accounting Standards) Rules 2015, including the following, namely:- (i) Profit or loss attributable to 'non-controlling interest' and to 'owners of the parent' in the statement of profit and loss shall be presented as allocation for the period. Further, 'total comprehensive income' for the period attributable to 'non-controlling interest' and to 'owners of the parent' shall be presented in the statement of profit and loss as allocation for the period. The aforesaid disclosures for 'total comprehensive income' shall also be made in the statement of changes in equity. In addition to the disclosure requirements in the Indian Accounting Standards, the aforesaid disclosures shall also be made in respect of 'other comprehensive income'. (ii) 'Non-controlling interests' in the Balance Sheet and in the Statement of Changes in....
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.... 3. . . Foreign 1. 2. 3. . . Joint Ventures(as per the equity method) Indian 1. 2. ....