SANJAN DE
Quick Summary
The Ministry of Corporate Affairs (MCA) had introduced changes in Schedule III to the Companies Act, 2013 vide its notification G.S.R. 207(E) dated 24th March, 2021 and also introduced changes in audit reporting vide the Companies (Audit and Auditors) Amendment Rules, 2021 G.S.R. 206(E) dated 24th M
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FAQ :
These changes apply to financial statements prepared for the financial year 2021-22 and onwards.
Key new disclosures include the ageing schedule for trade payables and receivables, details on the diversion of funds borrowed from banks, and information on immovable properties not held in the company's name.
Auditors must now report on whether term loans were applied for their intended purpose, details of immovable properties not in the company's name, and whether loans or advances were granted to promoters or related parties without specified repayment terms.
Yes, companies must now disclose a detailed name-wise shareholding of promoters at the end of the year, along with any changes that occurred during the year.
Companies must classify capital work-in-progress and intangible assets under development as 'projects in progress' or 'projects temporarily suspended', and provide an ageing schedule, along with details for projects where completion is overdue or suspended.
Yes, companies must now disclose specific ratios such as Current Ratio, Debt-Equity Ratio, and Return on Equity Ratio, and provide explanations for any significant changes compared to the preceding year.
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