Latest Regulatory Updates in Financial Reporting

Episode Duration:
75 minutes

Episode Background:
Schedule III of the Companies Act, 2013 (Act) provides a structure for the presentation of financial statements drawn up in accordance with Accounting Standards and Indian Accounting Standards. It adds value to prescribed disclosure requirements and enables financial statements to be more transparent in nature.

The general instructions of Schedule III act as the basis of the presentation of economic information to various readers and users of financial statements. It facilitates structured communication of the business’s financial details between the Board of a reporting entity and its stakeholders. Schedule III is applicable to all companies that draw up their financial statements as per Accounting Standards and Indian Accounting standards irrespective of any thresholds inapplicability.

What shall the episode cover?
Against this backdrop, Taxsutra’s Audit & Accounting Platform “Greentick” (https://greentick.taxsutra.com) was delighted to invite Mr. Nemish Kapadia & Mr. Monish Sharma (Chartered Accountants) from Sudit K. Parekh & Co. LLP to speak on “Latest Regulatory Updates in Financial Reporting: Analysing Amendments, Embedding New Reporting Requirements, Improving Compliance.” The objective of the webinar was to analyze the recent amendments in Schedule III of the Companies Act, 2013 and understand its business implications. In this webinar, the speakers shall discuss the following points:

Key Highlights

• Need for change in Schedule III
• Key amendments introduced in Schedule III
• Impact of amendments on financial reporting
• Synonymity of reporting requirements in CARO 2020 and Schedule III owing to amendments introduced