The Government is bringing out several changes in the Companies Act, 2013 from time to time to enhance transparency by way of mandating additional disclosures. Towards the same, the Ministry for Corporate Affairs has issued a Notification dated 11.10.2018 wherein amendments have been brought in to the Schedule III to the Companies Act, 2013. The amendments are related to additional disclosures for trade receivables, loan receivables, trade payables and to comply with the disclosure requirements under the Micro, Small and Medium Enterprises Development Act, 2006.
Keeping this in mind, a need was felt by ICAI for providing appropriate guidance to the members in view of the amendments that have been brought in by the Government so that the requirements of Schedule III can be complied with by the companies that are required to prepare their financial statements as per Ind AS in letter and spirit.
I am happy to note that Corporate Laws & Corporate Governance Committee has undertaken the task of revision of Guidance Note on the Division II – Ind AS Schedule III to the Companies Act 2013. The Guidance Note was initially issued by same the Committee in July, 2017 for guidance to the companies that are required to comply with Ind AS. In revised guidance note, detailed guidance has been provided on the various items of Schedule III and various issues and intricacies involved therein
I wish to compliment CA. (Dr.) Debashis Mitra, Chairman, Corporate Laws & Corporate Governance Committee, CA. Chandrashekhar V. Chitale, ViceChairman and all the members of the Corporate Laws & Corporate Governance Committee who have made invaluable contribution in the revision of this Guidance Note.
I am sure that the members and other stakeholders at large would find the Guidance Note immensely useful.
CA Prafulla P. Chhajed