Schedule III Related query

As per the Companies Act, 2013, every company, including a listed company, is required to prepare its financial statements in accordance with Schedule III of the Act. Schedule III prescribes the general format for presentation of financial statements, including the balance sheet, profit and loss account, and cash flow statement, and also provides guidance on the items to be included in the notes to accounts.

For example, if a listed company does not have any employee benefit plans, it may omit the relevant items from the notes to accounts, provided that it discloses the fact that it has no such plans. Similarly, if a listed company does not have any intangible assets, it may omit the relevant items from the balance sheet and notes to accounts, provided that it discloses the fact that it has no such assets.