Schedule III of the Companies Act 2013 contains the general instructions for preparation of Balance Sheet and Statement of Profit and Loss of a Company.
Following are the changes made in the financials/ notes to accounts on account of amendments in Schedule III brought about by MCA:
Current maturities of Long term borrowings shall be disclosed separately.
Trade Payables ageing schedule to be given.
Trade Receivables ageing schedule to be given.
Security deposits shall not be disclosed under ‘Long term loans and advances’ but disclosed under ‘Other non current assets’.