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Companies Act (Schedule III) Changes from 1st Apr’21
FOR DIVISION-1- AS- Complied Companies
1- Rounding off of the figures are now compulsory. Earlier it was optional
For PART-I Balance Sheet
2- Some changes in Balance Sheet items
3- In share capital schedule- Promotors holding is must be disclosed
4- Ageing of trade payable is must be disclosed
5- Ageing of trade receivable is must be disclosed
6- If the borrowed funds from banks and financial institution not utilised for a specific purpose, then disclose the details where the funds have been utilized.
7- If the title deed of property not in company name then additional disclosure to be given
8- Additional disclosure for the loans given to promoters, directors, KMP and related parties
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9- Additional disclosures for capital work in progress – ageing wise
10- Additional disclosure for intangible assets under development– ageing wise
11- Details of Benami properties held
12- Additional disclosure in case of bank borrowings on the basis of security of current assets. To give detail on whether the books are matched with the periodical details submitted to the bank.
13- Additional disclosures in case of wilful defaulter
14- Additional disclosure for a relationship with struck off companies
15- Additional disclosure for pending registration of charges and pending satisfaction of charges
16- Additional disclosure for non Compliance with the number of layers of companies
17- Various ratios- (total 10 ratios) to be disclosed along with numerator and denominator and reason for variation with the previous year
18- Various additional disclosures in case of utilization of borrowed funds and share premium etc.
For PART-II Profit & Loss Account
19- Additional disclosure for undisclosed income surrendered during any search or survey under the income tax act
20- Various detailed disclosures for CSR
21- Details of trade or investment in any cryptocurrency or virtual currency