TaxTMI 
TaxTMI 
Regarding amendments in Schedule III to the Companies Act, 2013
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....n 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",- (A) in....
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....ointed 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 compliance o....
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.... 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 circumstances. 8. For....
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....ssets (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 (i) total outstanding dues of micro enterprises and small enterprises (ii) total outstanding dues of creditors other than micro enterprises and small enterprises (II) Other Payables (i) total outstanding dues of micro enterprises and small enterprises (ii) total outstanding dues of creditors other than micro enterprises and small enterprises (c) Debt Securities (d) Borrowings (Other than Debt Securities) (e) Deposits (f) Subordinated Liabilities (g) Other financial liabilities(to be specified) (2) Non-Financial Liabilities (a) Current tax liabilities (Net) (b) Provisions (c) Deferred tax liabilities (Net) (d) Other non-financial liabilities(to be specified) (3) EQUITY (a) Equity Shar....
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....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 -Options purchased -Options 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)....
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....I)Loans in India (i) Public Sector (ii) Others (to be specified) Total (C)-Gross Less: Impairment loss allowance Total(C) (I)-Net (C) (II)Loans outside India Less: Impairment loss allowance Total (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 Equity instruments Subsidiaries Associates Joint Ventures Others (specify) Total - Gross (A) (i) Investments outside India (ii) Investments in India Total (B) Total (A) to tally with (B) Less: Allowance for Impairment loss (C) Total - Net D= (A)-(C) * Other basis of measurement such as cost may be explained as a footnote (F) Investment Pro....
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....er at the end of each accounting year; (b) the amount of interest paid by the buyer in terms of section 16 of the Micro, Small and Medium Enterprises Development Act, 2006, along with the amount of the payment made to the supplier beyond the appointed day during each accounting year; (c) the amount of interest due and payable for the period of delay in making payment (which have been paid but beyond the appointed day during the year) but without adding the interest specif ied 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 suc h 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 enterpr ise' and 'supplier', shall have the same meaning assigned to those under clauses (b), (d), (e), (h), (m) and (n) respectiv....
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....ified 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 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) Subordinated Liabilities in India Subordinated Liabilities outside India Total (B) to tally with (A) (P) Other Financial Liabilities (to be specified): Other Financial liabilities shall be class....
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....tion 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 earmarked investments shall disclose the fact that it is so represented; (iv) Debit balance of Statement of Profit and Loss shall be shown as a negative figure under the head 'retained earnings'. Similarly, the balance of 'Other Equity', after adjusting negative balance of retained earnings, if any, shall be shown under the head 'Other Equity' even if the resulting figure is in the negative; (v) Under the sub-head 'Other Equity', disclosure shall be made for the nature and amount of....
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....ain 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. PART II - STATEMENT OF PROFIT AND LOSS Name of the Non-Banking Financial Company……………………. Statement of Profit and Loss for the period ended ……………………… (Rupees in…………) Particulars Note No. Figures for the current reporting period Figures for the previous reporting period Revenue from operations (i) Interest Income (ii) Dividend Income ....
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....LOSS 1. The provisions of this Part shall apply to the income and expenditure account, in like manner as they apply to a Statement of Profit and Loss. 2. The Statement of Profit and Loss 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 at fair value through profit or loss (i) On trading portfolio - Investments - Derivatives - Others (ii) On financial instruments designated at ....
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....into- (A) Items that will not be reclassified to profit or loss i. Changes in revaluation surplus; ii. Remeasurements of the defined benefit plans; iii. Equity Instruments through Other Comprehensive Income; iv. Fair value changes relating to own credit risk of financial liabilities designated at fair value through profit or loss; v. Share of Other Comprehensive Income in Associates and Joint Ventures, to the extent not to be classified into profit or loss; and vi. Others (specify nature). (B) Items that will be reclassified to profit or loss; i. Exchange 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 audit....