The Division I to the Schedule III of the Companies Act, 2013 lays down the format for preparation of the financial statements by the Companies that are required to comply with Companies (Accounting Standards), Rules, 2006, and has been amended by the Ministry of Corporate Affairs vide notification dated 11th October, 2018. The changes are in reference to fixed assets and securities premium reserve.

The first edition of the Guidance Note on Division I – Non Ind AS Schedule III to the Companies Act 2013 was brought out by the Institute of Chartered Accountants of India (ICAI) in the year 2016 immediately after the introduction of format of Schedule III to the Companies Act 2013 to guide the members in discharging their responsibility more efficiently and effectively. However, recent amendments have necessitated the revisions in the Guidance Note.

I congratulate the Corporate Laws & Corporate Governance Committee of ICAI in taking this initiative of revising the guidance note and updating it as per the amendments incorporated in Division I- to the Schedule III to the Companies Act, 2013.

Guidance Note on Division I - Non Ind AS Schedule III to Companies Act 2013

I extend my sincere appreciation to the entire Committee and specially appreciate the efforts put in by CA. (Dr.) Debashis Mitra, Chairman, Corporate Laws & Corporate Governance Committee and CA. Chandrashekhar V. Chitale, Vice-Chairman, Corporate Laws & Corporate Governance Committee for initiating and updating this publication.

I am of the firm belief that this revised Guidance Note would be of great help to the members as well as for the entities in preparing and presenting Financial Statements in accordance with the Accounting Standards.

New Delhi

CA Prafulla P. Chhajed

President ICAI

Download Guidance Note on Division I – Non Ind AS Schedule III to Companies Act 2013

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