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Schedule iii

CA VIVEK JHA (CHARTERED ACCOUNTANTS) (264 Points)

25 April 2016

Kindly advise , whether new format of schedule III is applicable for the FY 2015-16 or not?

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8 Replies

Raghuveer (Executive) (167 Points)
Replied 25 April 2016

Yes, the formats of Balance Sheet and Statement of Profit and Loss as provided in Schedule III to the Companies Act, 2013 are only applicable for the FY 2015-16, in respect of all companies for which no specific format has been provided under any other law, for the time-being in force, governing such companies.

Hope the above clarifies.

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CS Arjun Rajagopal (B.com, ACS) (1056 Points)
Replied 25 April 2016

Originally posted by : Raghuveer
	Yes, the formats of Balance Sheet and Statement of Profit and Loss as provided in Schedule III to the Companies Act, 2013 are only applicable for the FY 2015-16, in respect of all companies for which no specific format has been provided under any other law, for the time-being in force, governing such companies. Hope the above clarifies.

Please quote the relevant notification/circular issued by MCA in this regard.

Raghuveer (Executive) (167 Points)
Replied 25 April 2016

Dear Arjun,

Schedule III to the Companies Act, 2013 was notified to come into effect on 27.03.2014.

Refer below link for the notification:

https://www.mca.gov.in/Ministry/pdf/CompaniesActNotification27March2014.PDF

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CA VIVEK JHA (CHARTERED ACCOUNTANTS) (264 Points)
Replied 26 April 2016

but new format of schedule III is notified on 06/04/2016, then how it will applicable for the FY 2015-16

manoj (student) (5205 Points)
Replied 26 April 2016

It is applicable as per notification

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CS Arjun Rajagopal (B.com, ACS) (1056 Points)
Replied 26 April 2016

Originally posted by : manoj
	It is applicable as per notification

MCA notification dt 06.04.2016 has been published in the official gazette. But can u please mention where it is mentioned the amended Schedule III will applicable for F.Y 15-16 onwards. The same question is also asked by Learned Member Mr. Vivek.

CA VIVEK JHA (CHARTERED ACCOUNTANTS) (264 Points)
Replied 26 April 2016

please let me know where it is mentioned that the amended Schedule III will applicable for F.Y 15-16 onwards. Is it mention in new format of schedule III which is published on 06.04.2016?

Ajit Hegde (CA - Final) (1367 Points)
Replied 26 April 2016

It is not mentioned anywhere the FY. But it says with effect from the date of notifcn in the official gazzette. Since it is an instruction to prepare FS to be complied with AS or Ind AS, we can interpret that the complaince of AS and Ind AS are to be met every year and hence preperation of FS to be guided with this notification from immediate effect i.e, for FY 2015-16. But then the question as to complaince with this notfcn for companies who prepared financials between 1 apr to to 6th apr (though very less no of companies) remains unanswered !