ICAI Guidance Note on Division-II Ind-AS Schedule III of the Companies Act 2013
Ministry of Corporate Affairs vide its notification dated 6th April, 2016 notified amendments to Schedule III of the Companies Act, 2013 thereby inserting Division II to Schedule III for preparation of financial statements by those entities who have to comply with Indian Accounting Standards (Ind AS).
The Ind AS in the first phase are applicable to all companies, listed or unlisted, with a net worth of Rs 500 crore or more (along with their holding, subsidiary, joint venture or associate companies) and which shall be required to adopt Ind AS for accounting periods commencing on or after 1 April 2016.
In view of the notification of Division II to Schedule III, the Corporate Laws & Corporate Governance Committee (CL&CGC) of The Institute of Chartered Accountants of India (ICAI) has brought out a Guidance Note on Division II to Schedule III of the Companies Act, 2013 to facilitate the preparation of financial statements in accordance with Ind AS Schedule III to the Companies Act, 2013.
The Guidance Note provides guidance on each of the item of the Balance Sheet, Statement of Profit and Loss, Major differences in Division I and Division II of the Schedule III to the Companies Act, 2013 besides providing Illustrative format for Standalone financial statements and Consolidated Financial Statements etc. Few illustrations have also been included with a view to provide guidance on application of the principles provided in the Guidance Note.
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