close
Share with your friends

Clarification on applicability date of formats for financial results

Clarification on applicability...

Clarification on applicability date of formats for financial results and intimation of reasons for delay in submission of financial results

1000

Also on home.kpmg

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.
 

© 2020 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.

Connect with us

 

Want to do business with KPMG?

 

loading image Request for proposal