CA Final| Financial Reporting| Division II of Sch III to Companies Act 2013| CA Suraj Lakhotia

Every company to which Indian Accounting Standards apply, shall prepare its financial statements in accordance with this Division II of Schedule III. The disclosure requirements specified in this Schedule are in addition to and not in substitution of the disclosure requirements specified in the Indian Accounting Standards. Additional disclosures specified in the Indian Accounting Standards shall be made in the Notes or by way of additional statement or statements unless required to be disclosed on the face of the Financial Statements. Similarly, all other disclosures as required by the Companies Act, 2013 shall be made in the Notes in addition to the requirements set out in this Schedule. This Schedule sets out the minimum requirements for disclosure on the face of the Financial Statements, i.e., Balance Sheet, Statement of Changes in Equity for the period, the Statement of Profit and Loss for the period (The term ‘Statement of Profit and Loss’ has the same meaning as ‘Profit and Loss Account’) and Notes. Cash flow statement shall be prepared, where applicable, in accordance with the requirements of the relevant Indian Accounting Standard. The requirements of Ind AS Schedule III however, do not apply to companies as referred to in the proviso to Section 129(1) of the Act, i.e., any insurance or banking company, or any company engaged in the generation or supply of electricity or to any other class of company for which a form of Balance Sheet and Statement of Profit and Loss has been specified in or under any other Act governing such class of company. This video provides the understanding of the format and the disclosure requirements related to the same, which help the students of CA Final appearing for the Financial Reporting paper. CA Suraj Lakhotia, an expert faculty of FR makes the format understandable and relatable. All the best. #indigolearn #CA Download our app for Free MCQs, Free Notes, Free videos and amazing online classes for CA Foundation, CA Inter & CA Final http://bit.ly/IL1FIN For courses / modules for CA Foundation, CA Inter, CA IPCC, CA Final, CMA, CPA, CS please visit https://www.indigolearn.com or reach out to us at + 91 9640 11111 0