Schedule III to the Companies Act, 2013 (2013 Act) provides general instructions for presentation of financial statements of a company under both Accounting Standards (AS) and Indian Accounting Standards (Ind AS). Schedule III has three parts and they are as follows:

• Division I is applicable to a company whose financial statements are prepared in accordance with AS
• Division II is applicable to a company whose financial statements are prepared in accordance with Ind AS (other than Non-Banking Financial Companies (NBFCs))
• Division III is applicable only to NBFCs which are required to prepare financial statements in accordance with Ind AS.

This issue of IFRS Notes provides insights on clarification issued by the National Stock Exchange of India Limited (NSE) and the BSE Limited (BSE) regarding applicability date of the notification on amendments to Schedule III (issued on 11 October 2018). Additionally, the IFRS Notes highlights SEBI’s requirement regarding intimation of reasons for delay in submission of financial results.

To access the text of BSE circular on format for publishing financial results, please click here.

To access the text of SEBI circular for intimation of reasons for delay in submission of financial results, please click here.