Question

Difference between revised schedule vi and schedule iii of companies act 2013

Answer 1

Answer:

Schedule III of the Companies Act, 2013 contains a format for preparation and presentation of financial statements. . Except for addition of general instructions for preparation of Consolidated Financial Statements (CFS), the format of financial statements given in the Companies Act, 2013 is the same as the revised Schedule VI notified under the Companies Act, 1956.

Answer 2

Revised schedule VI and schedule III of companies act 2013:

• The revised schedule 3 of the companies act 2013 tells the general instructions for the preparation of balance sheet and statement of profit and loss of a company.
• The revised schedule 6 of the companies act 2013 introduces many new concepts and disclosure requirements in the preparation of profit and loss statement and balance sheet.
• The revised Schedule 3 of the companies act 2013 specifies compliance of accounting standard and requirement of disclosures.

To know more:

How many schedules are there in schedule 6 financial format

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