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MCA amended Schedule III to the Companies Act 2013

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MCA vide Notification dated March 24, 2021 amended the Schedule III to the Companies Act, 2013 to incorporate the general instructions for preparation of the balance sheet and the profit and loss account of an Ind AS compliant company along with additional disclosure requirements.

As per the amendment following Additional Disclosures are also required:

  • Disclosure of Shareholding of Promoters
  • Trade Payables ageing schedule with age 1 year, 1-2 year, 2-3 year & More than 3 years
  • Reconciliation of the gross and net carrying amounts of each class of assets
  • Trade Receivables ageing schedule with age 1 year, 1-2 year, 2-3 year & More than 3 years
  • Detailed disclosure regarding title deeds of Immovable Property not held in name of the Company.
  • Disclosure regarding revaluation & CWIP ageing.
  • Loans or Advances granted to promoters, directors, KMPs and the related parties
  • Details of Benami Property held
  • Reconciliation and reasons of material discrepancies, in quarterly statements submitted to bank and books of accounts.
  • Disclosure where a company is a declared wilful defaulter by any bank or financial Institution
  • Relationship with Struck off Companies
  • Pending registration of charges or satisfaction with Registrar of Companies
  • Compliance with number of layers of companies
  • Disclosure of 11 Ratios
  • Compliance with approved Scheme(s) of Arrangements
  • Utilisation of Borrowed funds and share premium
  • Details of transaction not recorded in the books that has been surrendered or disclosed as income in the tax assessments
  • Disclosure regarding Corporate Social Responsibility
  • Details of Crypto Currency or Virtual Currency

The above amendment shall come into force with effect from April 01, 2021

Click the link below to access the notification:



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