TaxTMI 
TaxTMI 
TaxTMI 
Regarding amendments in Schedule III to the Companies Act, 2013
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.... 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 heading "General Instructions for Preparation of Balance Sheet"....
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....nd 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 inserted, namely:- "Division III Financial Statements for a Non-Banking Financial Company (NBFC) whose financial statements are drawn up in co....
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....s 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 economic decisions that users make on the basis of the financial statements. Materiality depends on the size or nature of the item or a combination of both, to be judged in the particular circ....
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....sp; (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 (k) Other non-financial assets (to be specified) Total Assets LIABILITIES AND EQUITY LIABILITIES (1) Financial Liabilities (a) Derivative financial instruments (b) Payables (I)Trade Payables &nbs....
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....Balance at the beginning of the reporting period Changes in accounting policy or prior period errors Restated balance at the beginning of the reporting period Total Comprehensive Income for the year Dividends Transfer to retained earnings Any other change (to be specified) ....
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....tions sold (written) -Others Subtotal (i) (ii)Interest rate derivatives -Forward Rate Agreements and Interest Rate Swaps -Options purchased -Options sold (written) -Futures -Others Subtotal(ii) (iii)Credit derivatives (iv)Equity linked derivatives (v)Other derivatives (Please specify) Total Derivative Financial Instruments (i)+(ii)+(iii)+(iv)+ (v) Part II In....
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.... Year) (Previous Year) Amortised cost At Fair Value Subtotal Total Amortised cost At Fair Value Subtotal Total Through Other Comprehensive Income Through profit or loss Designated at fair value through profit or loss Through Other Comprehensive Income Through profit or loss Designated at fair value through profit or loss (1) (2) (3) (4) (5=2+3+4) (6=1+5) (7) (8) (9) (10) (11=8+9+10) (12=(7)+ (11) Loans (A) (i) Bills Purchased and Bills Discounted (ii) Loans repayable on Demand (iii) Term Loans (iv) Leasing (v) Factoring (vi) Others (to be specified) ....
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....l (C) (II)- Net Total C(I) and C(II) (E) Investments Investments (Current Year) (Previous Year) Amortised cost At Fair Value Subtotal Others* Total Amortised cost At Fair Value Subtotal Others* Total Through Other Comprehensive Income Through profit or loss Designated at fair value through profit or loss Through Other Comprehensive Income Through profit or loss Designated at fair value through profit or loss (1) (2) (3) (4) (5)=(2)+(3)+(4) (6) (7)=(1)+(5)+(6) (8) (9) (10) (11) (12)=(9)+(10)+(11) (13) (14)=(8)+(12)+(13) Mutual funds Government securities Other approved securities Debt securities ....
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....eporting period showing additions, disposals, acquisitions through business combinations and other adjustments shall be disclosed separately. (H)Property, Plant and Equipment (i) Classification shall be given as: (a) Land (b) Buildings (c) Plant and Equipment (d) Furniture and Fixtures (e) Vehicles (f) Office 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, o....
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....component of compound financial instruments Others (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 Amortise....
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....r 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 profit or loss Total Perpetual Debt Instruments to the extent that do not qualify as equity (1) (2) (3) (4)=(1)+(2)+(3) (5) (6) (7) (8)=(5)+(6)+(7) Preference Shares other than those that qualify as Equity Others (specifying the nature and type of instrument issued) Total (A) ....
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....* 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 up) (m)An NBFC shall disclose information that enables users of its financial statements to evaluate the NBFC's objectives, policies and processes for managing capital. (T) Other Equity (i) Other Reserves' shall be classified in the notes as: (a) Capital Redemption Reserve; (b) Debenture Redemption Reserve; (c) Share Options Outstanding Account; (d) Statutory Reserves; and (e) Others - (specify the nature and purpose of each reserve and the amount in respect thereof); (Additions and deductions since last balance sheet to be shown under each of the specified heads) (ii) Retained Earnings represents surplus i.e. balance of the relevant column in the Statement of Changes in Equity; (iii) A reserve specifically represented by ear....
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....nt 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 requirements in this regard applicable to the relevant class of equity or liability shall be applicable mutatis mutandis to the preference shares. For instance, plain vanila redeemable preference shares shall be classified and presented under 'liabilities' as 'borrowings' or 'subordinated liability' and the disclosure requirements in this regard applicable to such borrowings shall be applicable mutatis mutandis to redeemable preference shares. 4. Compound financial instruments such as convertible debentures, where split into equity and liability components, as per the requirements of the relevant Indian Accounting Standards, shall be classified and presented under the relevant heads in ''Liabilities and Equity'. 5. Regulatory Deferral Account Balances shall be presented in the Balance Sheet in accordance with the relevant Indian Accounting Standards. PAR....
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....sp; (X) Profit/(loss) from discontinued operations (XI) Tax Expense of discontinued operations (XII) Profit/(loss) from discontinued operations(After tax) (X-XI) (XIII) Profit/(loss) for the period (IX+XII) (XIV) Other Comprehensive Income (A) (i) Items that will not be reclassified to profit or loss (specify items and amounts) (ii) Income tax relating to items that will not be reclassified to profit or loss Subtotal (A) (B) (i) Items that will be reclassified to profit or loss (specify items and amounts) (ii) Income tax relating to items that will be reclassified to profit or loss Subtotal (B) Other Comprehensive Income (A + B) (XV) Total Comprehensive Income for the period (XIII+XIV) (Comprising Profit (Loss) and other Comprehe....
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....nbsp; Fair Value changes: -Realised -Unrealised Total Net gain/(loss) on fair value changes(D) to tally with (C) *Fair value changes in this schedule are other than those arising on account of accrued interest income/expense. 5. Other Income (to be specified) Particulars (Current Year) (Previous Year) Net gain/(loss) on ineffective portion of hedges Net gain/(loss) on derecognition of property, plant and equipment Net gain or loss on foreign currency transaction and translation (other than considered as finance cost) (to be specified) Others ( to be specified)* Total * Any item under the subhead 'Others' which exceeds one per cent of the total income to be presented separately. 6. Finance Costs Particulars (Current Year) (Previous Year) On Financial liabilities measured at fair value through profit or loss On Financial liabilities measured at Amortised Cost On Financial liabilities measured at fair value through profit or loss On Financial liabilities measured at Amortised Cost Interest on deposits Intere....
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....ge differences in translating the financial statements of a foreign operation; ii. Debt Instruments through Other Comprehensive Income; iii. The effective portion of gains and loss on hedging instruments in a cash flow hedge; iv. Share of Other Comprehensive Income in Associates and Joint Ventures, to the extent to be classified into profit or loss; and v. Others (specify nature). 11. Additional Information: An NBFC shall disclose by way of notes, additional information regarding aggregate expenditure and income on the following items: i. Depreciation, amortisation and impairment ii. payments to the auditor as (a) auditor, (b) for taxation matters, (c) for company law matters, (d) for other services, (e) for reimbursement of expenses; iii. in case of NBFCs covered under section 135, amount of expenditure incurred on corporate social responsibility activities; and iv. details of items of exceptional nature PART III- GENERAL INSTRUCTIONS FOR THE PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS (1) Where a Non-Banking Financial Company (NBFC) is required to prepare Consolidated Financial Statements, i.e., consolidated balance sheet, consolidated statement of changes....
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....sp; 1. 2. 3. . . Foreign 1. 2. 3. . . Non-controlling Interests in all subsidiaries Associates (Investment as per the equity method) Indian 1. 2. ....