Security & Exchange Board of India
CIRCULAR No. CIR/CFD/CMD/15/2015,
Dated-November 30, 2015
All Listed Entities
All Recognized Stock Exchanges
Dear Madam / Sir,
Sub.: Formats for publishing financial results
1. In order to enable investors to make well-informed investment decisions, timely, adequate and accurate disclosure of financial results on a periodical basis is critical. At the same time, to ensure comparability, uniformity and parity in disclosures made by listed entities across stock exchanges is essential.
2. Towards this end, Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (hereinafter referred to as “the listing Regulations, 2015”), has prescribed various disclosures to be filed under various provisions contained therein in the formats as may be specified by the Board.
a) The quarterly financial results shall be presented in the format prescribed at Annexure I for companies other than banks and that prescribed at Annexure II for banks.
b) Manufacturing, trading and service companies, which propose to follow functional (secondary) classification of expenditure in the annual profit and loss account, shall furnish quarterly financial results in the alternative format prescribed at Annexure III. The alternative format shall be used only if such format is used consistently from the first quarter of the financial year.
c) If the company has more than one reportable primary segment in terms of Accounting Standard (‘AS’) 17/ Indian Accounting Standard (‘Ind AS’) 108 mandated under Section 133 of the Companies Act, 2013 read with rules framed thereunder or issued by ICAI, it shall also submit quarterly and annual
segment information as part of financial results in the format given in Annexure IV.
d) Limited review reports shall be given by auditors in the format prescribed in Annexure V for companies other than banks (including those using the alternative format of financial results) and in the format given in Annexure VI for banks.
e) In case of audited financial reports, the audit report shall be given by the auditors in the format given in Annexure VII for companies other than banks (including those using the alternative format of financial results) and in the format given in Annexure VIII for banks.
f) Half-Yearly Statement of Assets and Liabilities shall be in the format specified in Annexure IX drawn from Schedule III of the Companies Act, 2013 or its equivalent formats in other statutes, as applicable.
g) The Form A (for audit report with unmodified opinion) and Form B (for audit report with modified opinion) shall be filed in the format specified in Annexure X.
h) The financial results published in the newspapers in terms of Regulation 47(1)(b) shall be in the format prescribed in Annexure XI.
4. While preparation of the financial results, the following shall be noted:-
a. Annual audited financial results shall be in the format as is applicable to quarterly financial results. However, columns and figures relating to the last quarter, year to date results and corresponding three months in previous year may not be disclosed.
b. The applicable Accounting Standards are those standards mandated under Section 133 of the Companies Act, 2013 read with the relevant rules issued thereunder/issued by ICAI as applicable.
c. The classification / disclosure of items in the financial results shall be in accordance with the Schedule III of the Companies Act, 2013 or its equivalent formats in other statutes, as applicable.
5. Companies adopting the Ind AS in terms of Companies (Indian Accounting Standards) Rules, 2015 notified by the Ministry of Corporate Affairs on February 16, 2015 while publishing quarterly/annual financial results under Regulation 33 of the Listing Regulations, 2015, shall ensure that the comparatives filed along with such quarterly/annual financial results are also Ind AS compliant.
6. The Stock Exchanges are advised to bring the provisions of this circular to the notice of listed entities and also to disseminate the same on its website. This circular shall come into force with effect from December 01, 2015.
7. This Circular is being issued in exercise of powers conferred under Section 11 and Section 11A of the Securities and Exchange Board of India Act, 1992 read with Regulation 33, Regulation 47 and Regulation 101(2) of the Listing Regulations, 2015.
8. This circular is available on SEBI website at http://www.sebi.gov.in under the category “Circulars”.
B N Sahoo
Compliance and Monitoring Division
Corporation Finance Department
ANNEXURE I- Format for submission of Unaudited/Audited financial results by companies other than banks.
Annexure II – Format for submitting the quarterly financial results by banks
Annexure III- Format for submitting the quarterly financial results by companies eligible for alternative format
Format for Reporting of Segment wise Revenue, Results and Capital Employed along with the quarterly results (applicable for banks as well as companies other than banks)
Annexure V – Format for the Limited Review Report for companies (other than banks)
Annexure VI- Format for the Limited Review Report (for Banks)
When an Unmodified Opinion is expressed on the Quarterly financial results (for companies other than banks)
When an Unmodified Opinion is expressed on the Quarterly Consolidated Financial Results (for companies other than banks)
When an Unmodified Opinion is Expressed on the Quarterly Financial Results (for Banks)
When an Unmodified Opinion is expressed on the Consolidated Quarterly Financial Results (for Banks)
ANNEXURE IX– Statement of Assets and Liabilities for Companies (Other than Banks)
ANNEXURE X– Form A (for audit report with unmodified opinion) or Form B (for audit report with modified opinion) along-with Financial Results
Annexure XI– Format for Newspaper Publishing Purpose (Standalone/Consolidated)