Applicability of Revised Schedule III

Ministry of Corporate affairs vide notification dated 06^th April, 2016, has amended schedule III of the Companies Act, 2013. The revised schedule III is applicable to those companies to whom Companies (Indian Accounting Standards) Rules, 2015 herein after referred as (Ind AS) is applicable.

These Ind AS are applicable to the following Companies: 

 (i) the following companies shall comply for the accounting periods beginning on or after 1^st April, 2016, with the comparatives for the periods ending on 31^st March, 2016, or thereafter, namely:-

(a) companies whose equity or debt securities are listed or are in the process of being listed on any stock exchange in India or outside India and having net worth of rupees five hundred crore or more;

(b) companies other than those covered by sub-clause (a) of clause (ii) of sub- rule (1) and having net worth of rupees five hundred crore or more;

(c) holding, subsidiary, joint venture or associate companies of companies covered by sub-clause (a) of clause (ii) of sub- rule (1) and sub-clause (b) of clause (ii) of sub- rule (1) as the case may be; and

(ii) the following companies shall comply for the accounting periods beginning on or after 1^st April, 2017, with the comparatives for the periods ending on 31^st March, 2017, or thereafter, namely:-

(a) companies whose equity or debt securities are listed or are in the process of being listed on any stock exchange in India or outside India and having net worth of less than rupees five hundred crore;

(b) companies other than those covered in clause (ii) of sub- rule (1) and sub-clause (a) of clause (iii) of sub-rule (1), that is, unlisted companies having net worth of rupees two hundred and fifty crore or more but less than rupees five hundred crore.

(c) holding, subsidiary, joint venture or associate companies of companies covered under sub clause (a) of clause (iii) of sub- rule (1) and sub-clause (b) of clause (iii) of sub- rule  (1), as the case may be

The above referred companies have to prepare the financial statement in the revised format

The notification can be downloaded from the following link:

http://www.mca21.gov.in/Ministry/pdf/Notification_04072016.pdf