Balance sheet as per schedule 3 of companies act 2013. Where compliance with the requirements of the act including accounting standards. Schedule iii see section 129general instructions for preparation of balance sheet and. See accompanying notes to the financial statements.
The balance sheet format helps the user by grouping these accounts into classes such as the function of the account the business use of the resources and whether resources and liabilities are short term or long term. An asset shall be classified as current when it satisfies any of the following criteria. Constitution of a high level committee to suggest measures for improved monitoring of the implementation of corporate social responsibility policies by the companies under section 135 of the companies act 2013.
1 government of india ministry of corporate affairs notice inviting comments on the revised schedule iii to the companies act 2013 for a company whose financial statements. Statement of profit and loss of a company. The time for preparation of the first financial statements as per the new companies act 2013 is here.
The companies act 2013 passed by the parliament has received the assent of the president of india on 29th august 2013. General instructions for preparation of balance sheet. When using the double declining balance method the salvage value is not considered in determining the annual depreciation but the book value of the asset being depreciated is never brought below its salvage value regardless of the method used.
One of the most important provisions of the act for companies as well as the auditors to consider is the new method of the calculating depreciation as per schedule ii part c of the companies act 2013. Schedule ii to the companies act 2013 specifies useful lives for the purpose of. This an act to consolidate and amend the law relating to companies.