On 11 October 2018, the Ministry of Corporate Affairs (MCA) through its notification has amended Schedule III to the Companies Act, 2013 (2013 Act).
On 11 October 2018, the Ministry of Corporate Affairs (MCA) through its notification has amended Schedule III to the Companies Act, 2013 (2013 Act). The amendments, inter alia, have incorporated a new division to Schedule III i.e. Division III which provides general instructions for presentation of financial statements of an Non-Banking Financial Company (NBFC).
The amendments to Schedule III are applicable from 11 October 2018.
This issue of IFRS Notes provides an overview of the key changes made to Division I and II and also highlights the key requirements of Division III (applicable to NBFCs) to Schedule III of the 2013 Act.
To access the text of the MCA notification, please click here.
© 2021 KPMG Assurance and Consulting Services LLP, an Indian Limited Liability Partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved.
KPMG (Registered) (a partnership firm with Registration No. BA- 62445) converted into KPMG Assurance and Consulting Services LLP (a Limited Liability partnership firm) with LLP Registration No. AAT-0367 with effect from July 23, 2020.
For more detail about the structure of the KPMG global organization please visit https://home.kpmg/governance.