Regarding revised schedual 3 applicability

As per Section 129 EVERY company is required to prepare their financial statements in accordance with schedule III except Banking Company, Insurance Company, Electricity supply & generating company and companies governed by speicific acts.

Therefore Private companies will have to prepare as per Schedule III

Please refer discussions on this:

/forum/applicability-of-amendment-to-sch-iii-dated-6-4-2016-356858.asp

Originally posted by : bhumit
	My question is relating to the whether revised schedual 3 notify dated on 06-04-2016 applicable to private company FOR FY 2015-16 for the prepration of the financial statement. Most of the listed company who already made their financial statement not as per revised schedual 3 notify dated on 06-04-2016. So whether we prepared financial statement as per revised revised schedule 3 notify dated on 06-04-2016 or not for the FY 2015-16....???? Please give your professional advice as possible as. Thxs in advance

While going through MCA notification dt 06.04.2016 my view is that Revised Schedule III is applicable only if IND AS is applicable to your Company. Also through MCA circular dt 27.04.2016  clarified that Revised Schedule will be applicable for financial statements prepared after the publication of the said notification in the Official Gazette. Therefore we can conclue that Revised Schedule III is applicable for comps IND AS is applicable and the same shall be prepared for financial year 2016-17 onwards.

Other Learned Members views are appreciated.

Regards,

Arjun Rajagopal