Quick Summary
In order to bring in greater transparency in reporting of financial statements, the Ministry of Corporate Affairs (MCA) vide notification dated 24.03.2021 has amended Schedule III to the Companies Act, 2013 effective from 01st April2021 to mandate various disclosures by companies in their financial statements. This was stated by Union Minister of State for Corporate Affairs Shri Rao Inderjit Singh in a written reply to a question in Rajya Sabha today. The Minister stated that the new disclosu
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FAQ :
The MCA has amended Schedule III of the Companies Act, 2013, introducing new mandatory disclosure norms for financial statements.
The amendments to Schedule III are effective from April 1st, 2021.
The new disclosures cover cryptocurrency or virtual currency transactions and Corporate Social Responsibility (CSR) spending.
Companies that traded or invested in crypto/virtual currency must disclose profit or loss on transactions, the amount held at the reporting date, and any deposits or advances received for trading or investing.
Companies must disclose the amount required to be spent, expenditure incurred, any shortfall and reasons for it, nature of CSR activities, related party transactions, and movements in provisions for CSR liabilities.
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