Ind AS Schedule III Checklist | Disclosure Requirement for Fixed Assets & Intangible Assets
- News|Blog|Account & Audit|
- 2 Min Read
- By Taxmann
- |
- Last Updated on 26 April, 2023
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 fixed assets and intangible assets in their financial statements. This information is crucial for investors and other stakeholders to assess the company’s financial performance and sustainability. Therefore, it is essential for companies to ensure compliance with the disclosure requirements related to fixed assets and intangible assets. In this regard, a checklist can be an effective tool to ensure that all the necessary information is provided in the financial statements.
In this story, we have discussed the presentation and disclosure checklist covering the amendments made in Schedule III and providing general instruction for the proper presentation of Fixed Assets and Intangible Assets in the Financial Statements.
I. Whether the company has separately classified the Property Plant and Equipment (PPE) as Land, Buildings, Plant and Equipment, Furniture and Fixtures; Vehicles, Office equipment, Bearer Plants, Others (specify nature)?
II. Whether ‘assets under lease’ has been separately disclosed under each class of asset or not?
III. Whether a reconciliation of gross and net carrying amounts of each class of Property, Plant and Equipment at the beginning and end of the reporting period showing additions, disposals, acquisitions through business combinations, and amount of change due to revaluation has been separately disclosed?
IV. Whether land and building are presented as two separate classes of property, plant and equipment?
V. Whether the company has classified any capital advances/ advances for the purchase of capital assets as capital work-in-progress instead of another non-current asset?
Click Here To Read The Full Story
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