Amendments in Schedule III financials format for FY 2021-22
Quick understanding and analysis of recent changes in Division-I (AS) and Division-II (Ind AS) requirements.
Ratings 4.34 / 5.00
What You Will Learn!
- Understand latest Amendments in Schedule III by MCA and applicable from FY 2021-22
- How the changes impact Format of Balance Sheet, Profit and Loss Accounts, Notes on Accounts and other Disclosures?
- Explaining the important changes in simple language and in short time
- Useful to professionals in practice and industry to gain practical concepts in shortest possible time and for students in understanding the amendments
Description
MCA has vide Notification dated 24th March 2021 made changes in the format of financial statements (i.e. Schedule III) for the companies required to comply with Accounting Standards (Division - I) and Indian Accounting Standards (Division - II).
The course is divided into
1. Schedule III Applicability and basics of Accounting Standards v Sch. III
2. Balance Sheet - Liability related amendments
3. Balance Sheet - Assets related amendments
4. Profit and loss statement
5. Other important amendments
6. Ind AS amendments
The course aims to provide understanding of the amendments in simplified manner. The course covers the changes relating to:
Rounding off
Trade Receivables Ageing
Trade Payable Ageing
CWIP and Intangible Assets under development ageing
Revenue/Income
Control over fund circulation
Ind AS amendments covering prior period errors in statement of changes in equity, lease obligation presentation, separate classification for credit impaired trade receivables
Changes relating to presentation of current maturity of long term borrowings, security deposits etc.
Transactions with Strike off companies
Registration of charges and satisfaction of charge
Benami properties
Borrowing based on security of current assets
Use of borrowing for specific purpose
Investment with more than 2 layers of companies
11 Financial Ratio with disclosure of numerator and denominator and changes
Revaluation of property plant and equipments
Revaluation of investment property
Loan or advance to KMP, Related parties
Sharecapital - Promoter's Shareholding details
Who Should Attend!
- Students who want to learn Key Amendments in Schedule III
- Accountants, CFO, Staff desirous to understand the changes that impact financial statements
- Professionals to get practical insights into understanding changes and practical issues
