Schedule 3 applicable for may 15 ?

is schedule 3 applicable for may 2015 exams 

if yes

what are the changes in revised schedule 6 and new schedule 3  

please ellaborate

Replies (1)

Yes, for May'15 Exams, Schedule III under Companies Act, 2013 is applicable instead of erstwhile Revised Schedule VI notified under Companies Act, 1956.
.
At Intermediate level, you don't need to worry about any changes. Format for preparation and presentation of financial statements remains the same. In exams, just rename the caption,
write Schedule III instead of Revised Schedule VI.
.
Two changes are there in Schedule III, which are relevant for Final level student’s.
.
1. In statement of profit and loss, the company shall disclose the following as additional information, which was not required to be disclosed under the 1956 Act.
.
"In case of companies covered u/s 135, amount of expenditure incurred on corporate social responsibility activities".
.

2. General instructions for preparation of Consolidated Financial Statements (CFS) have been added.

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