Schedule III

SCHEDULE III
(See section 129)
1[Division I
FINANCIAL STATEMENTS FOR A COMPANY WHOSE FINANCIAL STATEMENTS ARE
REQUIRED TO COMPLY WITH THE COMPANIES (ACCOUNTING STANDARDS) RULES, 2006
General Instructions for Preparation of Balance Sheet and Statement of Profit and Loss of a Company.]
GENERAL INSTRUCTIONS
1. Where compliance with the requirements of the Act including Accounting Standards as applicable to the
companies require any change in treatment or disclosure including addition, amendment, substitution or deletion in
the head or sub-head or any changes, inter se, in the financial statements or statements forming part thereof, the
same shall be made and the requirements of this Schedule shall stand modified accordingly.
2. The disclosure requirements specified in this Schedule are in addition to and not in substitution of the
disclosure requirements specified in the Accounting Standards prescribed under the Companies Act, 2013.
Additional disclosures specified in the Accounting Standards shall be made in the notes to accounts or by way of
additional statement unless required to be disclosed on the face of the Financial Statements. Similarly, all other
disclosures as required by the Companies Act shall be made in the notes to accounts in addition to the requirements
set out in this Schedule.
3. (i) Notes to accounts shall contain information in addition to that presented in the Financial Statements and
shall provide where required (a) narrative descriptions or disaggregations of items recognised in those statements;
and (b) information about items that do not qualify for recognition in those statements.
(ii) Each item on the face of the Balance Sheet and Statement of Profit and Loss shall be cross-referenced to
any related information in the notes to accounts. In preparing the Financial Statements including the notes to
accounts, a balance shall be maintained between providing excessive detail that may not assist users of financial
statements and not providing important information as a result of too much aggregation.
4. (i) Depending upon the turnover of the company, the figures appearing in the Financial Statements may be
rounded off as given below:—
Turnover
Rounding off
(a) less than one hundred crore rupees
To the nearest hundreds, thousands, lakhs or
millions, or decimals thereof.
(b) one hundred crore rupees or more
To the nearest lakhs, millions or crores, or decimals
thereof.
(ii) Once a unit of measurement is used, it 2[should] be used uniformly in the Financial Statements.
5. Except in the case of the first Financial Statements laid before the Company (after its incorporation) the
corresponding amounts (comparatives) for the immediately preceding reporting period for all items shown in the
Financial Statements including notes shall also be given.
6. For the purpose of this Schedule, the terms used herein shall be as per the applicable Accounting Standards.
Note:— This part of Schedule sets out the minimum requirements for disclosure on the face of the Balance Sheet,
and the Statement of Profit and Loss (hereinafter referred to as ―Financial Statements‖ for the purpose of

1. Subs. by G.S.R. 404(E), dated 6th April, 2016, for ―GENERAL INSTURCTIONS FOR PREPARATION OF BALANCE SHEET AND STATEMENT OF
PROFIT AND LOSS OF A COMPANY‖.
2. Subs. by Notification No. G.S.R. 1022(E), dated 11th October, 2018, for ―shall‖ (w.e.f. 11-10-218).
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this Schedule) and Notes. Line items, sub-line items and sub-totals shall be presented as an addition or
substitution on the face of the Financial Statements when such presentation is relevant to an understanding
of the company‘s financial position or performance or to cater to industry/sector-specific disclosure
requirements or when required for compliance with the amendments to the Companies Act or under the
Accounting Standards.
PART I — BALANCE SHEET
Name of the Company…………………….
Balance Sheet as at ………………………
(Rupees in…………)

Particulars
Note
No.
Figures as at the
end of current
reporting period
Figures as at the end
of the previous
reporting period
1
2
3
4
I. EQUITY AND LIABILITIES

(1) Shareholders‘ funds

(a) Share capital

(b) Reserves and surplus

(c) Money received against share
warrants

(2) Share application money pending
allotment

(3) Non-current liabilities

(a) Long-term borrowings

(b) Deferred tax liabilities (Net)

(c) Other Long-term liabilities

(d) Long-term provisions

(4) Current liabilities

(a) Short-term borrowings

1[(b) Trade payables
(A) total outstanding dues of
micro
enterprises
and
small
enterprises; and
(B) total outstanding dues of
creditors
other
than
micro
enterprises and small enterprises.]

(c) Other current liabilities

(d) Short-term provisions
TOTAL

1. Subs. by Notification No. G.S.R. 679(E), dated 4th September 2015, for ―(b) Trade payables‖ (w.e.f. 4-9-2015).
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II. ASSETS

Non-current assets

(1) (a) 1[Property, Plant and Equipment]

(i) Tangible assets

(ii) Intangible assets

(iii) Capital work-in-progress

(iv) Intangible
assets
under
development

(b) Non-current investments

(c) Deferred tax assets (net)

(d) Long-term loans and advances
(e) Other non-current assets

(2) Current assets

(a) Current investments

(b) Inventories

(c) Trade receivables

(d) Cash and cash equivalents

(e) Short-term loans and advances

(f) Other current assets

TOTAL

See accompanying notes to the Financial Statements.
Notes
GENERAL INSTRUCTIONS FOR PREPARATION OF BALANCE SHEET
1. An asset shall be classified as current when it satisfies any of the following criteria:—
(a) it is expected to be realised in, or is intended for sale or consumption in, the company‘s normal
operating cycle;
(b) it is held primarily for the purpose of being traded;
(c) it is expected to be realised within twelve months after the reporting date; or
(d) it is cash or cash equivalent unless it is restricted from being exchanged or used to settle a liability for
at least twelve months after the reporting date.
All other assets shall be classified as non-current.
2. An operating cycle is the time between the acquisition of assets for processing and their realisation in cash
or cash equivalents. Where the normal operating cycle cannot be identified, it is assumed to have a duration of
twelve months.
3. A liability shall be classified as current when it satisfies any of the following criteria:—
(a) it is expected to be settled in the company‘s normal operating cycle;

1. Subs. by Notification No. G.S.R. 1022(E), dated 11th October, 2018, for ―Fixed assets‖ (w.e.f. 11-10-2018).
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(b) it is held primarily for the purpose of being traded;
(c) it is due to be settled within twelve months after the reporting date; or
(d) the company does not have an unconditional right to defer settlement of the liability for at least twelve
months after the reporting date. Terms of a liability that could, at the option of the counterparty, result in its
settlement by the issue of equity instruments do not affect its classification.
All other liabilities shall be classified as non-current.
4. A receivable shall be classified as a ―trade receivable‖ if it is in respect of the amount due on account of
goods sold or services rendered in the normal course of business.
5. A payable shall be classified as a ―trade payable‖ if it is in respect of the amount due on account of goods
purchased or services received in the normal course of business.
6. A company shall disclose the following in the notes to accounts.
A. Share Capital
For each class of share capital (different classes of preference shares to be treated separately):
(a) the number and amount of shares authorised;
(b) the number of shares issued, subscribed and fully paid, and subscribed but not fully paid;
(c) par value per share;
(d) a reconciliation of the number of shares outstanding at the beginning and at the end of the reporting
period;
(e) the rights, preferences and restrictions attaching to each class of shares including restrictions on the
distribution of dividends and the repayment of capital;
(f) shares in respect of each class in the company held by its holding company or its ultimate holding
company including shares held by or by subsidiaries or associates of the holding company or the ultimate
holding company in aggregate;
(g) shares in the company held by each shareholder holding more than 5 per cent. shares specifying the
number of shares held;
(h) shares reserved for issue under options and contracts/commitments for the sale of
shares/disinvestment, including the terms and amounts;
(i) for the period of five years immediately preceding the date as at which the Balance Sheet is
prepared:
(A) Aggregate number and class of shares allotted as fully paid-up pursuant to contract (s) without
payment being received in cash.
(B) Aggregate number and class of shares allotted as fully paid-up by way of bonus shares.
(C) Aggregate number and class of shares bought back.
(j) terms of any securities convertible into equity/preference shares issued along with the earliest date
of conversion in descending order starting from the farthest such date;
(k) calls unpaid (showing aggregate value of calls unpaid by directors and officers);
(l) forfeited shares (amount originally paid-up).
B. Reserves and Surplus
(i) Reserves and Surplus shall be classified as:
(a) Capital Reserves;
(b) Capital Redemption Reserve;
(c) Securities Premium 1***;

1. The word ―Reserve‖ omitted by Notification No. G.S.R.1022(E), dated 11th October, 2018 (w.e.f. 11-10-2018).
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(d) Debenture Redemption Reserve;
(e) Revaluation Reserve;
(f) Share Options Outstanding Account;
(g) Other Reserves–(specify the nature and purpose of each reserve and the amount in respect thereof);
(h) Surplus i.e., balance in Statement of Profit and Loss disclosing allocations and appropriations such
as dividend, bonus shares and transfer to/ from reserves, etc.;
(Additions and deductions since last balance sheet to be shown under each of the specified heads);
(ii) A reserve specifically represented by earmarked investments shall be termed as a ―fund‖.
(iii) Debit balance of statement of profit and loss shall be shown as a negative figure under the head
―Surplus‖. Similarly, the balance of ―Reserves and Surplus‖, after adjusting negative balance of surplus, if any,
shall be shown under the head ―Reserves and Surplus‖ even if the resulting figure is in the negative.
C. Long-Term Borrowings
(i) Long-term borrowings shall be classified as:
(a) Bonds/debentures;
(b) Term loans:
(A) from banks.
(B) from other parties.
(c) Deferred payment liabilities;
(d) Deposits;
(e) Loans and advances from related parties;
(f) Long term maturities of finance lease obligations;
(g) Other loans and advances (specify nature).
(ii) Borrowings shall further be sub-classified as secured and unsecured. Nature of security shall be
specified separately in each case.
(iii) Where loans have been guaranteed by directors or others, the aggregate amount of such loans under
each head shall be disclosed.
(iv) Bonds/debentures (along with the rate of interest and particulars of redemption or conversion, as the
case may be) shall be stated in descending order of maturity or conversion, starting from farthest redemption or
conversion date, as the case may be. Where bonds/debentures are redeemable by instalments, the date of
maturity for this purpose must be reckoned as the date on which the first instalment becomes due.
(v) Particulars of any redeemed bonds/debentures which the company has power to reissue shall be
disclosed.
(vi) Terms of repayment of term loans and other loans shall be stated.
(vii) Period and amount of continuing default as on the balance sheet date in repayment of loans and
interest, shall be specified separately in each case.
D. Other Long-term Liabilities
Other Long-term Liabilities shall be classified as:
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(a) Trade payables;
(b) Others.
E. Long-term provisions
The amounts shall be classified as:
(a) Provision for employee benefits;
(b) Others (specify nature).
F. Short-term borrowings
(i) Short-term borrowings shall be classified as:
(a) Loans repayable on demand;
(A) from banks.
(B) from other parties.
(b) Loans and advances from related parties;
(c) Deposits;
(d) Other loans and advances (specify nature).
(ii) Borrowings shall further be sub-classified as secured and unsecured. Nature of security shall be
specified separately in each case.
(iii) Where loans have been guaranteed by directors or others, the aggregate amount of such loans under
each head shall be disclosed.
(iv) Period and amount of default as on the balance sheet date in repayment of loans and interest, shall be
specified separately in each case.
1[FA. Trade Payable:—
The following details relating to Micro, Small and Medium Enterprises shall be disclosed in the notes:
(a) the principal amount and the interest due thereon (to be shown separately) remaining unpaid to any
supplier at the end of each accounting year;
(b) the amount of interest paid by the buyer in terms of section 16 of the Micro, Small and Medium
Enterprises Development Act, 2006 (7 of 2006), along with the amount of the payment made to the
supplier beyond the appointed day during each accounding year;
(c) the amount of interest due and payable for the period of delay in making payment (which have
been paid but beyond the appointed day during the year) but without adding the interest specified under the
Micro, Small and Medium Enterprises Development Act, 2006;
(d) the amount of interest accrued and remaining unpaid at the end of each accounting year; and
(e) the amount of further interest remaining due and payable even in the succeeding years, until such
date when the interest dues above are actually paid to the small enterprise, for the purpose of disallowance
of a deductible expenditure under section 23 of the Micro, Small and Medium Enterprises Development
Act, 2006;
Explanation.-The terms 'appointed day‘, ‗buyer‘, ‗enterprise‘, ‗micro enterprise‘, ‗small enterprise‘
and ‗supplier‘, shall have the same meaning assigned to those under clauses (b), (d), (e), (h), (m) and (n)
respectively of section 2 of the Micro, Small and Medium Enterprises Development Act, 2006.]
G. Other current liabilities
The amounts shall be classified as:
(a) Current maturities of long-term debt;
(b) Current maturities of finance lease obligations;
(c) Interest accrued but not due on borrowings;

1. Ins. by Notification No. G.S.R. 679(E), dated 4th September, 2015 (w.e.f. 4-9-2015).
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(d) Interest accrued and due on borrowings;
(e) Income received in advance;
(f) Unpaid dividends;
(g) Application money received for allotment of securities and due for refund and interest accrued
thereon. Share application money includes advances towards allotment of share capital. The terms and
conditions including the number of shares proposed to be issued, the amount of premium, if any, and the
period before which shares shall be allotted shall be disclosed. It shall also be disclosed whether the
company has sufficient authorised capital to cover the share capital amount resulting from allotment of
shares out of such share application money. Further, the period for which the share application money has
been pending beyond the period for allotment as mentioned in the document inviting application for shares
along with the reason for such share application money being pending shall be disclosed. Share application
money not exceeding the issued capital and to the extent not refundable shall be shown under the head
Equity and share application money to the extent refundable, i.e., the amount in excess of subscription or
in case the requirements of minimum subscription are not met, shall be separately shown under ―Óther
current liabilities‖;
(h) Unpaid matured deposits and interest accrued thereon;
(i) Unpaid matured debentures and interest accrued thereon;
(j) Other payables (specify nature).
H. Short-term provisions
The amounts shall be classified as:
(a) Provision for employee benefits.
(b) Others (specify nature).
I. Tangible assets
(i) Classification shall be given as:
(a) Land;
(b) Buildings;
(c) Plant and Equipment;
(d) Furniture and Fixtures;
(e) Vehicles;
(f) Office equipment;
(g) Others (specify nature).
(ii) Assets under lease shall be separately specified under each class of asset.
(iii) A reconciliation of the gross and net carrying amounts of each class of assets at the beginning and end
of the reporting period showing additions, disposals, acquisitions through business combinations and other
adjustments and the related depreciation and impairment losses/reversals shall be disclosed separately.
(iv) Where sums have been written-off on a reduction of capital or revaluation of assets or where sums
have been added on revaluation of assets, every balance sheet subsequent to date of such write-off, or addition
shall show the reduced or increased figures as applicable and shall by way of a note also show the amount of
the reduction or increase as applicable together with the date thereof for the first five years subsequent to the
date of such reduction or increase.

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J. Intangible assets
(i) Classification shall be given as:
(a) Goodwill;
(b) Brands /trademarks;
(c) Computer software;
(d) Mastheads and publishing titles;
(e) Mining rights;
(f) Copyrights, and patents and other intellectual property rights, services and operating rights;
(g) Recipes, formulae, models, designs and prototypes;
(h) Licences and franchise;
(i) Others (specify nature).
(ii) A reconciliation of the gross and net carrying amounts of each class of assets at the beginning and end
of the reporting period showing additions, disposals, acquisitions through business combinations and other
adjustments and the related amortization and impairment losses/reversals shall be disclosed separately.
(iii) Where sums have been written-off on a reduction of capital or revaluation of assets or where sums
have been added on revaluation of assets, every balance sheet subsequent to date of such write-off, or addition
shall show the reduced or increased figures as applicable and shall by way of a note also show the amount of
the reduction or increase as applicable together with the date thereof for the first five years subsequent to the
date of such reduction or increase.
K. Non-current investments
(i) Non-current investments shall be classified as trade investments and other investments and further
classified as:
(a) Investment property;
(b) Investments in Equity Instruments;
(c) Investments in preference shares;
(d) Investments in Government or trust securities;
(e) Investments in debentures or bonds;
(f) Investments in Mutual Funds;
(g) Investments in partnership firms;
(h) Other non-current investments (specify nature).
Under each classification, details shall be given of names of the bodies corporate indicating separately
whether such bodies are (i) subsidiaries, (ii) associates,(iii) joint ventures, or (iv) controlled special purpose
entities in whom investments have been made and the nature and extent of the investment so made in each
such body corporate (showing separately investments which are partly-paid). In regard to investments in the
capital of partnership firms, the names of the firms (with the names of all their partners, total capital and the
shares of each partner) shall be given.
(ii) Investments carried at other than at cost should be separately stated specifying the basis for valuation
thereof;
(iii) The following shall also be disclosed:
(a) Aggregate amount of quoted investments and market value thereof;

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(b) Aggregate amount of unquoted investments;
(c) Aggregate provision for diminution in value of investments.
L. Long-term loans and advances
(i) Long-term loans and advances shall be classified as:
(a) Capital Advances;
(b) Security Deposits;
(c) Loans and advances to related parties (giving details thereof);
(d) Other loans and advances (specify nature).
(ii) The above shall also be separately sub-classified as:
(a) Secured, considered good;
(b) Unsecured, considered good;
(c) Doubtful.
(iii) Allowance for bad and doubtful loans and advances shall be disclosed under the relevant heads
separately.
(iv) Loans and advances due by directors or other officers of the company or any of them either severally
or jointly with any other persons or amounts due by firms or private companies respectively in which any
director is a partner or a director or a member should be separately stated.
M. Other non-current assets
Other non-current assets shall be classified as:
(i) Long-term Trade Receivables (including trade receivables on deferred credit terms);
(ii) Others (specify nature);
(iii) Long term Trade Receivables, shall be sub-classified as:
(A) (a) Secured, considered good;
(B) Unsecured, considered good;
(C) Doubtful.
(b) Allowance for bad and doubtful debts shall be disclosed under the relevant heads separately.
(c) Debts due by directors or other officers of the company or any of them either severally or
jointly with any other person or debts due by firms or private companies respectively in which any
director is a partner or a director or a member should be separately stated.
N. Current Investments
(i) Current investments shall be classified as:
(a) Investments in Equity Instruments;
(b) Investments in Preference Shares;
(c) Investments in Government or trust securities;
(d) Investments in debentures or bonds;
(e) Investments in Mutual Funds;
(f) Investments in partnership firms;

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(g) Other investments (specify nature).
Under each classification, details shall be given of names of the bodies corporate [indicating separately
whether such bodies are: (i) subsidiaries, (ii) associates, (iii) joint ventures, or (iv) controlled special purpose
entities] in whom investments have been made and the nature and extent of the investment so made in each
such body corporate (showing separately investments which are partly paid). In regard to investments in the
capital of partnership firms, the names of the firms (with the names of all their partners, total capital and the
shares of each partner) shall be given.
(ii) The following shall also be disclosed:
(a) The basis of valuation of individual investments;
(b) Aggregate amount of quoted investments and market value thereof;
(c) Aggregate amount of unquoted investments;
(d) Aggregate provision made for diminution in value of investments.
O. Inventories
(i) Inventories shall be classified as:
(a) Raw materials;
(b) Work-in-progress;
(c) Finished goods;
(d) Stock-in-trade (in respect of goods acquired for trading);
(e) Stores and spares;
(f) Loose tools;
(g) Others (specify nature).
(ii) Goods-in-transit shall be disclosed under the relevant sub-head of inventories.
(iii) Mode of valuation shall be stated.
P. Trade Receivables
(i) Aggregate amount of Trade Receivables outstanding for a period exceeding six months from the date
they are due for payment should be separately stated.
(ii) Trade receivables shall be sub-classified as:
(a) Secured, considered good;
(b) Unsecured, considered good;
(c) Doubtful.
(iii) Allowance for bad and doubtful debts shall be disclosed under the relevant heads separately.
(iv) Debts due by directors or other officers of the company or any of them either severally or jointly with
any other person or debts due by firms or private companies respectively in which any director is a partner or a
director or a member should be separately stated.
Q. Cash and cash equivalents
(i) Cash and cash equivalents shall be classified as:
(a) Balances with banks;
(b) Cheques, drafts on hand;
(c) Cash on hand;
(d) Others (specify nature).

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(ii) Earmarked balances with banks (for example, for unpaid dividend) shall be separately stated.
(iii) Balances with banks to the extent held as margin money or security against the borrowings,
guarantees, other commitments shall be disclosed separately.
(iv) Repatriation restrictions, if any, in respect of cash and bank balances shall be separately stated.
(v) Bank deposits with more than twelve months maturity shall be disclosed separately.
R. Short-term loans and advances
(i) Short-term loans and advances shall be classified as:
(a) Loans and advances to related parties (giving details thereof);
(b) Others (specify nature).
(ii) The above shall also be sub-classified as:
(a) Secured, considered good;
(b) Unsecured, considered good;
(c) Doubtful.
(iii) Allowance for bad and doubtful loans and advances shall be disclosed under the relevant heads
separately.
(iv) Loans and advances due by directors or other officers of the company or any of them either severally
or jointly with any other person or amounts due by firms or private companies respectively in which any
director is a partner or a director or a member shall be separately stated.
S. Other current assets (specify nature)
This is an all-inclusive heading, which incorporates current assets that do not fit into any other asset
categories.
T. Contingent liabilities and commitments (to the extent not provided for)
(i) Contingent liabilities shall be classified as:
(a) Claims against the company not acknowledged as debt;
(b) Guarantees;
(c) Other money for which the company is contingently liable.
(ii) Commitments shall be classified as:
(a) Estimated amount of contracts remaining to be executed on capital account and not provided for;
(b) Uncalled liability on shares and other investments partly paid;
(c) Other commitments (specify nature).
U. The amount of dividends proposed to be distributed to equity and preference shareholders for the period
and the related amount per share shall be disclosed separately. Arrears of fixed cumulative dividends on
preference shares shall also be disclosed separately.
V. Where in respect of an issue of securities made for a specific purpose, the whole or part of the amount
has not been used for the specific purpose at the balance sheet date, there shall be indicated by way of note
how such unutilised amounts have been used or invested.
W. If, in the opinion of the Board, any of the assets other than 1[Property, Plant and Equipment] and non-
current investments do not have a value on realisation in the ordinary course of business at least equal to the
amount at which they are stated, the fact that the Board is of that opinion, shall be stated.

1. Subs. by Notification No. G.S.R. (E), dated 11th October, 2018, for ―fixed assets‖ (w.e.f. 11-10-2018).
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1[X. Every company shall disclose the details of Specified Bank Notes (SBN) held and transacted during
the period from 8th November, 2016 to 30th December, 2016 as provided in the Table below:-
SBNs
Other denomination
notes
Total
Closing cash in hand as on 08.11.2016
(+) Permitted receipts
(-) Permitted payments
(-) Amount deposited in Banks
Closing cash in hand as on 30.12. 2016
Explanation : For the purposes of this clause, the term ‗Specified Bank Notes‘ shall have the same
meaning provided in the notification of the Government of India, in the Ministry of Finance, Department
of Economic Affairs number S.O. 3407(E), dated the 8th November, 2016.]
PART II – STATEMENT OF PROFIT AND LOSS
Name of the Company…………………….
Profit and loss statement for the year ended ………………………
(Rupees in…………)

Particulars
Note
No.
Figures as at the end
of current reporting
period
Figures as at the end
of the previous
reporting period
1
2
3
4
I. Revenue from operations

xxx
xxx
II. Other income

xxx
xxx
III. Total Revenue (I + II)

xxx
xxx
IV. Expenses:

Cost of materials consumed

Purchases of Stock-in-Trade

Changes in inventories of
finished goods

xxx
xxx
work-in-progress and

xxx
xxx
Stock-in-Trade

xxx
xxx
Employee benefits expense

xxx
xxx
Finance costs

Depreciation
and
amortisation
expense

Other expenses

1. Ins. by Notification No. G.S.R. 308(E), dated 30th March, 2017 (w.e.f. 30-3-2017).
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Total expenses

xxx
xxx
V. Profit
before
exceptional
and
extraordinary items and tax (III -
IV)

xxx
xxx
VI. Exceptional items

xxx
xxx
VII. Profit before extraordinary items
and tax (V - VI)

xxx
xxx
VIII. Extraordinary items

xxx
xxx
IX. Profit before tax (VII- VIII)

xxx
xxx
X. Tax expense:

(1) Current tax

xxx
xxx
(2) Deferred tax

xxx
xxx
XI. Profit (Loss) for the period from
continuing operations (VII-VIII)

xxx
xxx
XII. Profit/(loss) from discontinuing
operations

xxx
xxx
XIII. Tax expense of discontinuing
operations

xxx
xxx
XIV. Profit/(loss) from Discontinuing
operations (after tax) (XII-XIII)

xxx
xxx
XV. Profit (Loss) for the period (XI +
XIV)

xxx
xxx
XVI. Earnings per equity share:

(1) Basic

xxx
xxx
(2) Diluted

xxx
xxx
See accompanying notes to the financial statements.
GENERAL INSTRUCTIONS FOR PREPARATION OF STATEMENT OF
PROFIT AND LOSS
1. The provisions of this Part shall apply to the income and expenditure account referred to in sub-
clause (ii) of clause (40) of section 2 in like manner as they apply to a statement of profit and loss.
2. (A) In respect of a company other than a finance company revenue from operations shall disclose separately
in the notes revenue from—
(a) Sale of products;
(b) Sale of services;
(c) Other operating revenues;
Less:
(d) Excise duty.
(B) In respect of a finance company, revenue from operations shall include revenue from—
(a) Interest; and
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(b) Other financial services.
Revenue under each of the above heads shall be disclosed separately by way of notes to accounts to the extent
applicable.
3. Finance Costs
Finance costs shall be classified as:
(a) Interest expense;
(b) Other borrowing costs;
(c) Applicable net gain/loss on foreign currency transactions and translation.
4. Other income
Other income shall be classified as:
(a) Interest Income (in case of a company other than a finance company);
(b) Dividend Income;
(c) Net gain/loss on sale of investments;
(d) Other non-operating income (net of expenses directly attributable to such income).
5. Additional Information
A Company shall disclose by way of notes additional information regarding aggregate expenditure and income
on the following items:—
(i) (a) Employee Benefits Expense [showing separately (i) salaries and wages,
(ii) contribution to provident and other funds, (iii) expense on Employee Stock Option Scheme (ESOP)
and Employee Stock Purchase Plan (ESPP), (iv) staff welfare expenses].
(b) Depreciation and amortisation expense;
(c) Any item of income or expenditure which exceeds one per cent. of the revenue from operations or
Rs.1,00,000, whichever is higher;
(d) Interest Income;
(e) Interest expense;
(f) Dividend income;
(g) Net gain/loss on sale of investments;
(h) Adjustments to the carrying amount of investments;
(i) Net gain or loss on foreign currency transaction and translation (other than considered as finance cost);
(j) Payments to the auditor as (a) auditor; (b) for taxation matters; (c) for company law matters; (d) for
management services; (e) for other services; and (f) for reimbursement of expenses;
(k) In case of Companies covered under section 135, amount of expenditure incurred on corporate social
responsibility activities;
(l) Details of items of exceptional and extraordinary nature;
(m) Prior period items;
(ii) (a) In the case of manufacturing companies,—
(1) Raw materials under broad heads.
(2) goods purchased under broad heads.
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(b) In the case of trading companies, purchases in respect of goods traded in by the company under broad
heads.
(c) In the case of companies rendering or supplying services, gross income derived from services rendered
or supplied under broad heads.
(d) In the case of a company, which falls under more than one of the categories mentioned in (a), (b) and
(c) above, it shall be sufficient compliance with the requirements herein if purchases, sales and consumption of
raw material and the gross income from services rendered is shown under broad heads.
(e) In the case of other companies, gross income derived under broad heads.
(iii) In the case of all concerns having works in progress, works-in-progress under broad heads.
(iv) (a) The aggregate, if material, of any amounts set aside or proposed to be set aside, to reserve, but not
including provisions made to meet any specific liability, contingency or commitment known to exist at the date
as to which the balance sheet is made up.
(b) The aggregate, if material, of any amounts withdrawn from such reserves.
(v) (a) The aggregate, if material, of the amounts set aside to provisions made for meeting specific
liabilities, contingencies or commitments.
(b) The aggregate, if material, of the amounts withdrawn from such provisions, as no longer required.
(vi) Expenditure incurred on each of the following items, separately for each item:—
(a) Consumption of stores and spare parts;
(b) Power and fuel;
(c) Rent;
(d) Repairs to buildings;
(e) Repairs to machinery;
(f) Insurance;
(g) Rates and taxes, excluding, taxes on income;
(h) Miscellaneous expenses,
(vii) (a) Dividends from subsidiary companies.
(b) Provisions for losses of subsidiary companies.
(viii) The profit and loss account shall also contain by way of a note the following information, namely:—
(a) Value of imports calculated on C.I.F basis by the company during the financial year in respect of—
I. Raw materials;
II. Components and spare parts;
III. Capital goods;
(b) Expenditure in foreign currency during the financial year on account of royalty, know-how,
professional and consultation fees, interest, and other matters;
(c) Total value if all imported raw materials, spare parts and components consumed during the
financial year and the total value of all indigenous raw materials, spare parts and components similarly
consumed and the percentage of each to the total consumption;
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(d) The amount remitted during the year in foreign currencies on account of dividends with a specific
mention of the total number of non-resident shareholders, the total number of shares held by them on
which the dividends were due and the year to which the dividends related;
(e) Earnings in foreign exchange classified under the following heads, namely:—
I. Export of goods calculated on F.O.B. basis;
II. Royalty, know-how, professional and consultation fees;
III. Interest and dividend;
IV. Other income, indicating the nature thereof.
Note:— Broad heads shall be decided taking into account the concept of materiality and presentation of true
and fair view of financial statements.

GENERAL INSTRUCTIONS FOR THE PREPARATION OF CONSOLIDATED
FINANCIAL STATEMENTS
1. Where a company is required to prepare Consolidated Financial Statements, i.e., consolidated balance sheet
and consolidated statement of profit and loss, the company shall mutatis mutandis follow the requirements of this
Schedule as applicable to a company in the preparation of balance sheet and statement of profit and loss. In
addition, the consolidated financial statements shall disclose the information as per the requirements specified in
the applicable Accounting Standards including the following:
(i) Profit or loss attributable to ―minority interest‖ and to owners of the parent in the statement of profit
and loss shall be presented as allocation for the period.
(ii) ―Minority interests‖ in the balance sheet within equity shall be presented separately from the equity of
the owners of the parent.
2. In Consolidated Financial Statements, the following shall be disclosed by way of additional information:

Name of the entity in
the
Net Assets, i.e., total assets minus total
liabilities
Share in profit or loss

As % of
consolidated net
assets
Amount
As % of
consolidated profit
or loss
Amount
1
2
3
4
5
Parent
Subsidiaries
Indian
1.

2.

3.

.

.

Foreign

1.

2.

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3.

.

.

Minority
Interest in
all subsidiaries
Associates
(Investment
as per the equity
method)
Indian
1.

2.

3.

.

.

Foreign

1.

2.

3.

.

.

Joint Ventures
(as per proportionate
consolidation/
investment
as per the
equity method)
Indian
________________________________ _______________________________
1.

2.

3.

.

.

Foreign

1.

2.

3.

.

.

Total

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3. All subsidiaries, associates and joint ventures (whether Indian or foreign) will be covered under consolidated
financial statements.
4. An entity shall disclose the list of subsidiaries or associates or joint ventures which have not been
consolidated in the consolidated financial statements along with the reasons of not consolidating.
1[Division II
Financial Statements for a company whose financial statements are drawn up in compliance of the Companies
(Indian Accounting Standards) Rules, 2015.
GENERAL INSTURCTIONS FOR PREPARATION OF FINANCIAL STATEMENTS OF A COMPANY
REQUIRED TO COMPLY WITH Ind AS
1. Every company to which Indian Accounting Standards apply, shall prepare its financial statements in
accordance with this Schedule or with such modification as may be required under certain circumstances.

2. Where compliance with the requirements of the Act including Indian Accounting Standards (except the
option of presenting assets and liabilities in the order of liquidity as provided by the relevant Ind AS) as applicable
to the companies require any change in treatment or disclosure including addition, amendment, substitution or
deletion in the head or sub-head or any changes inter se, in the financial or statements forming part thereof, the
same shall be made and the requirements under this Schedule shall stand modified accordingly.
3. The disclosure requirements specified in the Schedule are in addition to and not in substitution of the
disclosure requirements specified in the Indian Accounting Standards. Additional disclosures specified in the
Indian Accounting Standards shall be made in the Notes or by way of additional statement or statements unless
required to be disclosed on the face of the Financial Statements. Similarly, all other disclosures as required by the
Companies Act, 2013 shall be made in the Notes in addition to the requirements set out in this Schedule.
4. (i) Notes shall contain information in addition to that presented in the Financial Statements and shall provide
where required-
(a) narrative descriptions or disaggregations of items recognised in those statements; and
(b) information about items that do not qualify for recognition in those statements.
(ii) Each item on the face of the Balance Sheet, Statement of Changes in Equity and Statement of Profit and
Loss shall be cross-referenced to any related information in the Notes. In preparing the Financial Statements
including the Notes, a balance shall be maintained between providing excessive detail that may not assist users of
Financial Statements and not providing important information as a result of too much aggregation.
5. Depending upon the turnover of the company, the figures appearing in the Financial Statements shall be
rounded off as below:

Turnover
Rounding off
(i) less than one hundred crore rupees
To the nearest hundreds, thousands, lakhs or
millions, or decimals thereof.
(ii) one hundred crore rupees or more
To the nearest, lakhs, millions or crores, or
decimals thereof.
Once a unit of measurement is used, it should be used uniformly in the Financial Statements.
6. Financial Statements shall contain the corresponding amounts (comparatives) for the immediately preceding
reporting period for all items shown in the Financial Statements including Notes except in the case of first
Financial Statements laid before the company after incorporation.

1. Ins. by Notification No. G.S.R. 404(E), dated 6th April, 2016 (w.e.f. 6-4-2016).
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7. Financial Statements shall disclose all ‗material‘ items, i.e., the items if they could, individually or
collectively, influence the economic decisions that users make on the basis of the financial statements. Materiality
depends on the size or nature of the item or a combination of both, to be judged in the particular circumstances.
8. For the purpose of this Schedule, the terms used herein shall have the same meanings assigned to them in
Indian Accounting Standards.
9. Where any Act or Regulation requires specific disclosures to be made in the standalone financial statements
of a company, the said disclosures shall be made in addition to those required under this Schedule.
Note: This Schedule sets out the minimum requirements for disclosure on the face of the Financial Statements,
i.e., Balance Sheet, Statement of Changes in Equity for the period, the Statement of Profit and Loss for the period
(The term ‗Statement of Profit and Loss‘ has the same meaning as ‗Profit and Loss Account‘) and Notes. Cash
flow statement shall be prepared, where applicable, in accordance with the requirements of the relevant Indian
Accounting Standard.
Line items, sub-line items and sub-totals shall be presented as an addition or substitution on the face of the
Financial Statements when such presentation is relevant to an understanding of the company‘s financial position
or performance or to cater to industry or sector-specific disclosure requirements or when required for compliance
with the amendments to the Companies Act, 2013 or under the Indian Accounting Standards.
PART I –BALANCE SHEET
Name of the Company .......................
Balance Sheet as at .............................
(Rupees in ............... )

Particulars
Note No.
Figures as at the end of
current reporting
period
Figures as at the end of
the previous reporting
period

1
2
3
4
(1)
ASSETS
Non-current assets

(2)
(a) Property, Plant and
Equipment
(b) Capital work-in-progress
(c) Investment Property
(d) Goodwill
(e) Other Intangible assets
(f) Intangible assets under
development
(g) Biological Assets other
than bearer plants
(h) Financial Assets
(i) Investments
(ii) Trade receivables
(iii) Loans
(iv) Others (to be
specified)
(i) Deferred tax assets (net)
(j) Other non-current assets
Current assets
(a) Inventories
(b) Financial Assets
(i) Investments
(ii) Trade receivables
(iii) Cash and cash
equivalents
(iv) Bank balances
other than (iii) above
(v) Loans
(vi) Others (to be
specified)
(c) Current Tax Assets (Net)
(d) Other current assets

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Total Assets

(1)

(2)
1[Trade Payables
(A) total outstanding dues of micro
enterprises and small enterprises;
and
(B) total outstanding dues of creditors
other than micro enterprises and
small enterprises.]
(a) LIABILITIES
Non-current liabilities
(a) Financial Liabilities
(i)
Borrowings
1[Trade Payables
(A) total outstanding dues of
micro enterprises and small
enterprises; and
(B) total outstanding dues of
creditors other than micro
enterprises and small
enterprises.]
(iii)
Other financial
liabilities (other than
those specified in item
(b), to be specified)
(b) Provisions
(c) Deferred tax liabilities
(Net)
(d) Other non-current
liabilities
Current liabilities
(a) Financial Liabilities
(i) Borrowings
(ii)
Trade payables
(iii)
Other financial
liabilities (other than those
specified in item (c)
(b) Other current liabilities
(c) Provisions
(d) Current Tax Liabilities
(Net)

Total Equity and Liabilities

See accompanying notes to the financial statements
STATEMENT OF CHANGES IN EQUITY
Name of the Company ...............................
Statement of Changes in Equity for the period ended ..............................
(Rupees in ...................... )
A. Equity Share Capital
Balance at the beginning of the
reporting period
Changes in equity share capital
during the year
Balance at the end of the reporting period

1. Subs. by Notification No. G.S.R. 1022(E), dated 11-10-2018, for "(b) Trade payables" (w.e.f. 11-10-2018).
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B. Other Equity
Share
applica-
tion
money
pending
allotment
Equity
component
of compound
financial
instruments
Reserves and Surplus
Debt instru-
ments through
Other
Comprehensive
Income
Equity Instru-
ments
through
Other
Comprehensive
Income
Effective
portion of
Cash Flow
Hedges
Revaluat
ion
Surplus
Exchange
differences
on trans-
lating the
financial
state-
ments of a
foreign
operation
Other items
of Other
Compre-
hensive
Income
(specify
nature)
Money
received
against
share
warrants
Total
Capital
Reserve
1[Securities
Premium
Reserve]
Other
Reserv
es
(specif
y
nature)
Retained
Earnings
Balance at the
beginning of the
reporting period
Changes in
accounting
policy or prior
period errors
Restated
balance at
the
beginning
of the
reporting
period
Total
Comprehensive
Income for the
year
Dividends
Transfer to
retained
earnings
Any other
change (to be
specified)
Balance at the
end of the
reporting period
Note: 2[i] Remeasurment of defined benefit plans and fair value changes relating to own credit risk of financial liabilities
designated at fair value through profit or loss shall be recognised as a part of retained earnings with separate disclosure of such
items along with the relevant amounts in the Notes.
3[(ii) A description of the purposes of each reserve within equity shall be disclosed in the Notes.
(iii) in the ―Notes‖, under the heading ―General Instructions for Preparation of Balance Sheet.]
Notes:
GENERAL INSTRUCTIONS FOR PREPARATION OF BALANCE SHEET
1.
An entity shall classify an asset as current when-
(a) it expects to realise the asset, or intends to sell or consume it, in its normal operating cycle;
(b) it holds the asset primarily for the purpose of trading;
(c) it expects to realise the asset within twelve months after the reporting period; or
(d) the asset is cash or a cash equivalent unless the asset is restricted from being exchanged or used to settle a liability for at least
twelve months after the reporting period.
An entity shall classify all other assets as non-current.
2.
The operating cycle of an entity is the time between the acquisition of assets for processing and their realisation in cash or
cash equivalents. When the entity‘s normal operating cycle is not clearly identifiable, it is assumed to be twelve months.
3.
An entity shall classify a liability as current when-
(a)
it expects to settle the liability in its normal operating cycle;

1. Subs. by Notification No. G.S.R. 1022(E), dated 11th October, 2018, for ―Securities Premium Reserve‖ (w.e.f. 11-10-2018).
2. Note renumbered as clause (i) thereof by Notification No. G.S.R. 1022(E), dated 11th October, 2018 (w.e.f. 11-10-2018).
3. Ins. by ibid.
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(b)
it holds the liability primarily for the purpose of trading;
(c)
the liability is due to be settled within twelve months after the reporting period; or
(d)
it does not have an unconditional right to defer settlement of the liability for at least twelve months after the reporting
period. Terms of a liability that could, at the option of the counterparty, result in its settlement by the issue of equity
instruments do not affect its classification.
An entity shall classify all other liabilities as non-current.
4.
A receivable shall be classified as a ‗trade receivable‘ if it is in respect of the amount due on account of goods sold or
services rendered in the normal course of business.
5.
A payable shall be classified as a ‗trade payable‘ if it is in respect of the amount due on account of goods purchased or
services received in the normal course of business.
6.
A company shall disclose the following in the Notes:
A.
Non-Current Assets
I. Property, Plant and Equipment :
(i) Classification shall be given as:
(a)
Land
(b)
Buildings
(c)
Plant and Equipment
(d)
Furniture and Fixtures
(e)
Vehicles
(f)
Office equipment
(g)
Bearer Plants
(h)
Others (specify nature)
(ii) Assets under lease shall be separately specified under each class of assets.
(iii) A reconciliation of the gross and net carrying amounts of each class of assets at the beginning and end of the reporting
period showing additions, disposals, acquisitions through business combinations and other adjustments and the related
depreciation and impairment losses or reversals shall be disclosed separately.
II. Investment Property:
A reconciliation of the gross and net carrying amounts of each class of property at the beginning and end of the reporting period
showing additions, disposals, acquisitions through business combinations and other adjustments and the related depreciation and
impairment losses or reversals shall be disclosed separately.
III Goodwill:
A reconciliation of the gross and net carrying amount of goodwill at the beginning and end of the reporting period showing
additions, impairments, disposals and other adjustments.
IV. Other Intangible assets:
(i)
Classification shall be given as:
(a)
Brands or trademarks
(b)
Computer software
(c)
Mastheads and publishing titles
(d)
Mining rights
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(e)
Copyrights, patents, other intellectual property rights, services and operating rights
(f)
Recipes, formulae, models, designs and prototypes
(g)
Licenses and franchises
(h)
Others (specify nature)
(ii)
A reconciliation of the gross and net carrying amounts of each class of assets at the beginning and end of the reporting
period showing additions, disposals, acquisitions through business combinations and other adjustments and the related amortization
and impairment losses or reversals shall be disclosed separately.
V. Biological Assets other than bearer plants:
A reconciliation of the carrying amounts of each class of assets at the beginning and end of the reporting period showing additions,
disposals, acquisitions through business combinations and other adjustments shall be disclosed separately.
VI. Investments:
(i)
Investments shall be classified as:
(a)
Investments in Equity Instruments;
(b)
Investments in Preference Shares;
(c)
Investments in Government or trust securities;
(d)
Investments in debentures or bonds;
(e)
Investments in Mutual Funds;
(f)
Investments in partnership firms; or
(g)
Other investments (specify nature).
Under each classification, details shall be given of names of the bodies corporate that are-
(i) subsidiaries,
(ii) associates,
(iii) joint ventures, or
(iv) structured entities,
in whom investments have been made and the nature and extent of the investment so made in each such body corporate
(showing separately investments which are partly-paid). Investments in partnership firms along alongwith names of the firms,
their partners, total capital and the shares of each partner shall be disclosed separately.
The following shall also be disclosed:
(a) Aggregate amount of quoted investments and market value thereof;
(b) Aggregate amount of unquoted investments; and
(c) Aggregate amount of impairment in value of investments.
VII. Trade Receivables:
1[(i)
Trade receivables shall be sub-classified as:
(a)
Trade Receivables considered good – Secured;
(b)
Trade Receivables considered good – Unsecured;
(c)
Trade Receivables which have significant increase in Credit Risk; and
(d)
Trade Receivables - credit impaired.]
(ii) Allowance for bad and doubtful debts shall be disclosed under the relevant heads separately.
(iii) Debts due by directors or other officers of the company or any of them either severally or jointly with any other person or
debts due by firms or private companies respectively in which any director is a partner or a director or a member should be
separately stated.

1. Subs. by Notification No. G.S.R. 1022(E), dated 11th October, 2018, for ―VII. Trade Receivable‖ (w.e.f. 11-10-2018).
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VIII. Loans:
(i)
Loans shall be classified as-
(a) Security Deposits;
(b) Loans to related parties (giving details thereof); and
(c) Other loans (specify nature).
1[(ii)
Loans Receivables shall be sub-classified as:
(a)
Loans Receivables considered good – Secured;
(b)
Loans Receivables considered good - Unsecured;
(c)
Loans Receivables which have significant increase in Credit Risk; and
(d)
Trade Receivables - credit impaired.]
(iii)
Allowance for bad and doubtful loans shall be disclosed under the relevant heads separately.
(iv)
Loans due by directors or other officers of the company or any of them either severally or jointly with any other persons
or amounts due by firms or private companies respectively in which any director is a partner or a director or a member should be
separately stated.
IX.
Bank deposits with more than 12 months maturity shall be disclosed under ‗Other financial assets‘;
X.
Other non-current assets: Other non-current assets shall be classified as-
(i)
Capital Advances; and
(ii)
Advances other than capital advances;
(1)
Advances other than capital advances shall be classified as:
(a)
Security Deposits;
(b)
Advances to related parties (giving details thereof); and
(c)
Other advances (specify nature).
(2)
Advances to directors or other officers of the company or any of them either severally or jointly with any other persons or
advances to firms or private companies respectively in which any director is a partner or a director or a member should be
separately stated. In case advances are of the nature of a financial asset as per relevant Ind AS, these are to be disclosed under
‗other financial assets‘ separately.
(iii)
Others (specify nature).
B.
Current Assets
I.
Inventories:
(i)
Inventories shall be classified as-
(a) Raw materials;
(b) Work-in-progress;
(c) Finished goods;
(d) Stock-in-trade (in respect of goods acquired for trading);
(e) Stores and spares;
(f) Loose tools; and
(g) Others (specify nature).
(ii)
Goods-in-transit shall be disclosed under the relevant sub-head of inventories.
(iii)
Mode of valuation shall be stated.
II.
Investments:
(i)
Investments shall be classified as-

1. Subs. by Notification No. G.S.R. 1022(E), dated 11th October, 2018, for ―VIII. Trade Receivable‖ (w.e.f. 11-10-2018).

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(a) Investments in Equity Instruments;
(b) Investment in Preference Shares;
(c) Investments in government or trust securities;
(d) Investments in debentures or bonds;
(e) Investments in Mutual Funds;
(f) Investments in partnership firms; and
(g) Other investments (specify nature).
Under each classification, details shall be given of names of the bodies corporate that are-
(i) subsidiaries,
(ii) associates,
(iii) joint ventures, or
(iv) structured entities,
in whom investments have been made and the nature and extent of the investment so made in each such body corporate (showing
separately investments which are partly-paid).
(ii)
The following shall also be disclosed-
(a)
Aggregate amount of quoted investments and market value thereof;
(b)
Aggregate amount of unquoted investments;
(c)
Aggregate amount of impairment in value of investments.
III.
Trade Receivables:
1[(i)
Trade receivables shall be sub-classified as:
(a)
Loans Receivables considered good – Secured;
(b)
Loans Receivables considered good - Unsecured;
(c)
Loans Receivables which have significant increase in Credit Risk; and
(d)
Trade Receivables - credit impaired.]
(ii)
Allowance for bad and doubtful debts shall be disclosed under the relevant heads separately.
(iii )
Debts due by directors or other officers of the company or any of them either severally or jointly with any other person or
debts due by firms or private companies respectively in which any director is a partner or a director or a member should be
separately stated.
IV.
Cash and cash equivalents: Cash and cash equivalents shall be classified as-
a. Balances with Banks (of the nature of cash and cash equivalents);
b. Cheques, drafts on hand;
c. Cash on hand; and
d. Others (specify nature).
V.
Loans:
(i)
Loans shall be classified as:
(a)
Security deposits;
(b)
Loans to related parties (giving details thereof); and
(c)
Others (specify nature).
2[(ii)
Trade receivables shall be sub-classified as:
(a)
Loans Receivables considered good – Secured;
(b)
Loans Receivables considered good - Unsecured;
(c)
Loans Receivables which have significant increase in Credit Risk; and
(d)
Trade Receivables - credit impaired.]

1. Subs. by Notification No. G.S.R. 1022(E), dated 11th October, 2018, for ―III Trade Receivables‖ (w.e.f. 11-10-2018).
2. Subs. by ibid., for ―V. Loans‖ (w.e.f. 11-10-2018).

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