Rounding off Financial Statements Figure
This query is : Resolved
abhijit majumder
(Querist)
23 September 2024
To
The
Experts
Can any one provide me relevant notification of MCA wherein 'rounding off Financial Statements Figure' in Schedule III have been given.
Abhijit
The
Experts
Can any one provide me relevant notification of MCA wherein 'rounding off Financial Statements Figure' in Schedule III have been given.
Abhijit
CA R SEETHARAMAN
(Expert)
24 September 2024
The rounding off of figures in financial statements is covered in Schedule III of the Companies Act, 2013. The rounding rules are as follows:
Amounts less than 100 crore rupees: Round to the nearest hundreds, thousands, lakhs, or millions, or decimals thereof
Amounts 100 crore rupees or more: Round to the nearest lakhs, millions, or crores, or decimals thereof
Unit of measurement: Once a unit of measurement is used, it should be used consistently throughout the financial statements
Rounding is often used in financial statements to make them easier to read and to highlight important digits. However, rounding should not be used if it could affect materiality or mislead the reported information.
Amounts less than 100 crore rupees: Round to the nearest hundreds, thousands, lakhs, or millions, or decimals thereof
Amounts 100 crore rupees or more: Round to the nearest lakhs, millions, or crores, or decimals thereof
Unit of measurement: Once a unit of measurement is used, it should be used consistently throughout the financial statements
Rounding is often used in financial statements to make them easier to read and to highlight important digits. However, rounding should not be used if it could affect materiality or mislead the reported information.
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