CS Divesh Goyal
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SHORT SUMMARY As per the recent press release on 10th August 2021 in respect of MCA amends Schedule III of Companies Act on disclosure norms in financial statements MCA, by an amendment in Rules of Schedule III on 24th March 2021 has already made a lot of amendments in Schedule III of Companie
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FAQ :
Schedule III of the Companies Act, 2013, outlines the requirements for financial statements, including the Balance Sheet, Profit and Loss Account, and Cash Flow Statement.
The amendments to Schedule III were made on March 24, 2021, and are required to be included in financial statements prepared for the financial year 2021-22, ending March 31, 2022.
Companies that have traded or invested in cryptocurrency during the financial year must disclose profits or losses on these transactions, the amount of currency held at the reporting date, and any deposits or advances received for trading or investing.
Companies covered under Section 135 of the Companies Act must disclose the amount required to be spent on CSR, the expenditure incurred, any shortfall and its reasons, details of previous years' shortfalls, the nature of CSR activities, and related party transactions concerning CSR.
The primary purpose behind these amendments is to increase transparency in the reporting of financial statements.
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