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Unit of measurement in balance sheet etc
A company's turnover is less than 100 crores. As of now it is preparing its Balance Sheet and P/L in Rs. in thousands. But it intends to change the units of measurement in Rs. in Lakhs as per Schedule III of the Companies Act. Can it do so and if yes then whether shareholders approval is required or not. Please also point out Other formalities and disclosures for changing the units of measurement in Balance Sheet and PL etc.
Replies (1)
Schedule III of the Companies Act, 2013 prescribes the figures in which the financial statements are needed to be prepared. For turnover less than 100 crores rupees, the rounding up can be done to nearest hundreds, thousands, lakhs or millions. The comparative figures are also required to be shown to the same rounding up. Shareholders approval is not required in this regard
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