[Financial Statement Checklist] Ind AS Schedule III Current Assets Presentation and Disclosure
- Blog|News|Account & Audit|
- 2 Min Read
- By Taxmann
- |
- Last Updated on 10 May, 2023
Latest from Taxmann
Ind AS Schedule III provides guidelines for the presentation and disclosure of financial statements of companies in India. In accordance with Ind AS Schedule III, companies are required to provide detailed information regarding their current assets including inventories, investments, trade receivable, cash, loans, current tax assets & other current assets in their financial statements. This information is crucial for investors and other stakeholders to assess the company’s financial performance and sustainability. In this regard, a checklist can be an effective tool to ensure that all the necessary information is provided in the financial statements. Here, we have discussed a presentation and disclosure checklist covering the amendments made in Schedule III and providing general instruction for the proper presentation of current assets including inventories, investments, trade receivable, cash, loans, current tax assets & other current assets in the Financial Statements.
I. Whether the company has classified the inventories into raw materials, work-in-progress, finished goods, stock-in-trade (in respect of goods acquired for trading), stores and spares, loose tools, and others (specify nature)
II. Whether the mode of valuation of inventories has been stated by the company
III. Whether the company has disclosed the nature and extent of the investment made in each of the above-mentioned body corporate
IV. Whether the company has separately disclosed the debts due by directors or other officers of the company or any of them either severally or jointly with any other person or debts due by firms or private companies respectively in which any director is a partner or a director or a member
V. Whether the company has separately stated the advances to directors or other officers of the company or any of them either severally or jointly with any other persons or advances to firms or private companies respectively
Click to Read Complete Checklist
Disclaimer: The content/information published on the website is only for general information of the user and shall not be construed as legal advice. While the Taxmann has exercised reasonable efforts to ensure the veracity of information/content published, Taxmann shall be under no liability in any manner whatsoever for incorrect information, if any.
Taxmann Publications has a dedicated in-house Research & Editorial Team. This team consists of a team of Chartered Accountants, Company Secretaries, and Lawyers. This team works under the guidance and supervision of editor-in-chief Mr Rakesh Bhargava.
The Research and Editorial Team is responsible for developing reliable and accurate content for the readers. The team follows the six-sigma approach to achieve the benchmark of zero error in its publications and research platforms. The team ensures that the following publication guidelines are thoroughly followed while developing the content:
- The statutory material is obtained only from the authorized and reliable sources
- All the latest developments in the judicial and legislative fields are covered
- Prepare the analytical write-ups on current, controversial, and important issues to help the readers to understand the concept and its implications
- Every content published by Taxmann is complete, accurate and lucid
- All evidence-based statements are supported with proper reference to Section, Circular No., Notification No. or citations
- The golden rules of grammar, style and consistency are thoroughly followed
- Font and size that’s easy to read and remain consistent across all imprint and digital publications are applied
Sign Up
To subscribe to our weekly newsletter please log in/register on Taxmann.com
Latest Books
Everything on Tax and Corporate Laws of India
To subscribe to our weekly newsletter please log in/register on Taxmann.com
CA | CS | CMA
