SCHEDULE III

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Vishal (Querist)
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17 June 2017 What is the difference between schedule III and Revised Schedule III.. I am preparing Financial Statements for the year ended 31.3.2017.. Please tell what is the difference between old and new Schedule..

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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18 June 2017 Seems schedule III is not REVISED. But disclosure of 'specified bank notes' transactions has to be shown in the 'notes on accounts' for the year ended 31-3-2017. For further details, please see https://corporatelaws.taxmann.com/topstories/104010000000050533/companies-to-disclose-demonetization-transactions-in-balance-sheet-and-audit-report-mca.aspx

Vishal

Vishal (Querist)
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18 June 2017 Sir, what is the criteria for rounding off, if turnover below 100 Crore.. And is there any other compliance for preparing financial statements for the year ended 31.3.2017..

Asha Kanta Sharma

Asha Kanta Sharma (Expert)
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23 July 2025 Great question! Here's a clear comparison between **Schedule III** and **Revised Schedule III** of the Companies Act, especially relevant for FY ending 31.3.2017:

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### 1. **Schedule III (Old)**

* Earlier Schedule III was simpler and less detailed.
* Financial statements prepared under Companies Act, 1956 rules.
* Classification of assets, liabilities, and disclosures were less prescriptive.
* Allowed more flexibility in presentation and disclosure.
* Mostly based on Indian GAAP (pre-Ind AS transition).

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### 2. **Revised Schedule III (effective from FY 2016-17 onwards)**

* Came into effect from **1 April 2016**, applicable for financial statements starting FY 2016-17.
* More detailed and structured format, aligned with **Companies Act 2013**.
* Clear classification between **current and non-current** assets and liabilities.
* Requires detailed disclosure under **notes to accounts**.
* Includes mandatory disclosures for **specified bank notes (SBNs)** related to demonetization in FY 2016-17.
* Introduces new line items like:

* Trade Receivables (distinguished between related parties and others)
* Investment classification more detailed
* Borrowings detailed as secured/unsecured, current/non-current
* Mandates rounding off rules (usually to the nearest rupee or thousand, depending on company size)
* Applies stricter compliance for small companies and companies below ₹100 crore turnover.
* Compatible with Ind AS framework, where applicable.

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### Regarding your other questions for FY 2016-17:

* **Rounding Off:**
For companies with turnover below ₹100 crore, rounding off to the nearest rupee is usually acceptable. However, companies with higher turnover may round off to thousands or lakhs as per policy but must disclose the rounding off policy in notes.

* **Other Compliance for FY 2016-17:**

* Disclosure of **Specified Bank Notes (SBNs)** transactions due to demonetization as per MCA circular.
* Mandatory audit reporting requirements on demonetization impact.
* Ensure compliance with **Ind AS** if applicable (for listed and certain unlisted companies).
* Follow amendments under Companies Act 2013 effective during the year.

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If you want, I can share a sample **Revised Schedule III format** or key checklist points for FY 2016-17 financial statements preparation. Would that help?

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