Amendments in Schedule III financials format for FY 2021-22

Amendments in Schedule III financials format for FY 2021-22

MCA has vide Notification dated 24th March 2021 made changes in the format of financial statements (i.e. Schedule III) for the companies required to comply with Accounting Standards (Division - I) and Indian Accounting Standards (Division - II).

The course is divided into

1. Schedule III Applicability and basics of Accounting Standards v Sch. III

2. Balance Sheet - Liability related amendments

3. Balance Sheet - Assets related amendments

4. Profit and loss statement

5. Other important amendments

6. Ind AS amendments

The course aims to provide understanding of the amendments in simplified manner. The course covers the changes relating to:

• Rounding off

• Trade Receivables Ageing

• Trade Payable Ageing

• CWIP and Intangible Assets under development ageing

• Revenue/Income

• Control over fund circulation

• Ind AS amendments covering prior period errors in statement of changes in equity, lease obligation presentation, separate classification for credit impaired trade receivables

• Changes relating to presentation of current maturity of long term borrowings, security deposits etc.

• Transactions with Strike off companies

• Registration of charges and satisfaction of charge

• Benami properties

• Borrowing based on security of current assets

• Use of borrowing for specific purpose

• Investment with more than 2 layers of companies

• 11 Financial Ratio with disclosure of numerator and denominator and changes

• Revaluation of property plant and equipments

• Revaluation of investment property

• Loan or advance to KMP, Related parties

• Sharecapital - Promoter's Shareholding details

Quick understanding and analysis of recent changes in Division-I (AS) and Division-II (Ind AS) requirements.

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What you will learn

• Understand latest Amendments in Schedule III by MCA and applicable from FY 2021-22
• How the changes impact Format of Balance Sheet, Profit and Loss Accounts, Notes on Accounts and other Disclosures?
• Explaining the important changes in simple language and in short time

Rating: 4.55

Level: Beginner Level

Duration: 3 hours

Instructor: Chintan Patel