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Major difference between schdl 3and schl 6

Nirmit Choraria (CA Final) (1333 Points)

15 September 2014

Anyone can help us out with difference between presention of Financial Statement by Schedule 3 and Schedule 6 ???

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Deepak Gupta (CA Student) (15922 Points)
Replied 15 September 2014

The format for preparation and presentation of financial statements as per Schedule III of the Companies Act, 2013 is almost the same as that of Revised Schedule VI notified under Companies Act, 1956.
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However in statement of profit and loss, the company shall disclose the following as an additional information [which was not required to be disclosed under the Companies Act 1956].
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A Company shall disclose by way of notes additional information regarding aggregate expenditure and income on the following items –
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(a) ……………….

(b) ……………….

(k) In case of companies covered u/s 135, amount of expenditure incurred on corporate social responsibility activities.
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Besides this, there is an addition of general instructions for preparation of consolidated financial statements (CFS) under Schedule III of the Companies Act, 2013.