ICAI’s Guidance Note on Division I (Non Ind AS) of Schedule III to Companies Act, 2013
ICAI has published the revised/ second edition (July 2019) of the Guidance Note on Division I (Non Ind AS) of the Schedule III to the Companies Act, 2013, for benefit of the Members as well as the Companies which are not required to comply with Companies (Ind AS) Rules and are governed by the Companies (Accounting Standards) Rules, 2006, as under:
The Division I to the Schedule III of the Companies Act, 2013 lays down the format for preparation of the financial statements by the Companies that are required to comply with Companies (Accounting Standards), Rules, 2006, and has been amended by the Ministry of Corporate Affairs vide notification dated 11th October, 2018. The changes are in reference to fixed assets and securities premium reserve.
The first edition of the Guidance Note on Division I – Non Ind AS Schedule III to the Companies Act 2013 was brought out by the Institute of Chartered Accountants of India (ICAI) in the year 2016 immediately after the introduction of format of Schedule III to the Companies Act 2013 to guide the members in discharging their responsibility more efficiently and effectively. However, recent amendments have necessitated the revisions in the Guidance Note. Accordingly, the Corporate Laws & Corporate Governance Committee of ICAI has revised the guidance note and as per the amendments incorporated in Division I- to the Schedule III to the Companies Act, 2013.