CA Student
15927 Points
Joined May 2011
The format for preparation and presentation of financial statements as per Schedule III of the Companies Act, 2013 is almost the same as that of Revised Schedule VI notified under Companies Act, 1956.
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However in statement of profit and loss, the company shall disclose the following as an additional information [which was not required to be disclosed under the Companies Act 1956].
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A Company shall disclose by way of notes additional information regarding aggregate expenditure and income on the following items –
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(a) ……………….
(b) ……………….
(k) In case of companies covered u/s 135, amount of expenditure incurred on corporate social responsibility activities.
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Besides this, there is an addition of general instructions for preparation of consolidated financial statements (CFS) under Schedule III of the Companies Act, 2013.