Schedule 3 - financial statements

1- can we make change in statement of profit and loss like add new head of expense etc
2- if current liability is not settled with 12 months do we have convert it into non current liability? (is there any guideline regarding this)
Replies (7)
Quick Summary
This discussion clarifies how to make changes to your Profit and Loss statement for the current financial year, including adding new expense categories. It also addresses the classification of liabilities, explaining that if a current liability cannot be settled within 12 months, it remains in the same category rather than being reclassified as non-current. Guidance is provided on when revised returns are necessary after making changes.

In as accounting, no guidance! Using rationality, all c/f balances will still remain in thier own headings for the purpose of analysis eg., creditor days because you only have one ledger for them called sundry creditors

For current year financial statements like profit and loss, you can add new heads of expenses. Classify the expenses then categorise it. 

If you make this same correction into your previous year filed profit and loss. You should decleared in revised return or updated return. If there is no changes in your profit. No need file correction. Don't try interrupt or manipulate anything declared. 

Current liabilities means, which liabilities, you could settle this outstanding before 12 months. Those are current liabilities. Incase, you couldn't pay within 12 months. No need transfer any other ledger. Keep it them in the same and close next financial year. 

Originally posted by : Saravanan nagaraj
For current year financial statements like profit and loss, you can add new heads of expenses. Classify the expenses then categorise it. 

If you make this same correction into your previous year filed profit and loss. You should decleared in revised return or updated return. If there is no changes in your profit. No need file correction. Don't try interrupt or manipulate anything declared. 

Current liabilities means, which liabilities, you could settle this outstanding before 12 months. Those are current liabilities. Incase, you couldn't pay within 12 months. No need transfer any other ledger. Keep it them in the same and close next financial year. 

 

Conceptual framework says 'dont believe the tax man because he is a beggar!' what about consistency concept?

Why we don't need to convert/disclose into non current liability
Originally posted by : Atharv Sankliya
Why we don't need to convert/disclose into non current liability

You can't! Because:

1. I said so

2. Consistency concept

3. Presentation

4. Ratio analysis (there is no ratio for converted amounts)

5. That's it! 

6. You sold/purchased goods on 31st December on accrual basis. That and this is the same.

,No chsnges to be allowed in previous years if ut is already filed with registrar of companies.

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
ARTICLESHIP 16 September 2026
CA Article Trainee

SR BAGAI & Co.

New Delhi

CA Inter

View Details
Company
20 September 2026
Semi Qualified CA

Navin & Associates

Mumbai

CA Inter

View Details
Company
ARTICLESHIP 01 October 2026
Articled Assistant

KPSN & Associates LLP

Chennai

CA Inter

View Details
Company
Featured 11 September 2026
Audit Executive

RBSM Corporate Advisors Private Limited

Pune

CA

View Details
Company
08 October 2026
Account Executive

Elite Taxation

New Delhi

CA Foundation

View Details
Company
ARTICLESHIP 15 September 2026
Freelance Taxation Content Writer Intern

Interactive Media Pvt Ltd.

New Delhi

CA Inter

View Details
Company
ARTICLESHIP 08 October 2026
ARTICLE TRAINEE

S.B.G. & CO. CHARTERED ACCOUNTANTS

New Delhi

CA Inter

View Details
Company
19 September 2026
Finance Manager

Mugdha Art Studio

Hyderabad

CA

View Details