Whether we should round off nearest hundreds, thousands, lakhs or millions, or decimals  for pvt ltd

Private Limited Companies are no exception. Depending upon the applicability of Ind AS, Financials are required to be prepared by companies as per Revised Schedule III as prescribed in Division I for Non Ind AS and Division II for Ind AS applicable companies.

Guidance note on Revised Schedule III clearly states and is quoted as under:

"Depending upon the total income of the company, the figures appearing in the Financial Statements shall be rounded off. It is now compulsory to apply rounding off and a company cannot continue to disclose full figures. In order to apply the same, the rounding off requirement should be complied with."