Balance sheet as per schedule 3 of companies act 2013. 1 gn a 35 guidance note on accounting for depreciation in companies in the context of schedule ii to the companies act 2013 background 1. One of the most important provisions of the act for companies as well as the auditors to consider is the new method of the calculating depreciation as per schedule ii part c of the companies act 2013. 1 government of india ministry of corporate affairs notice inviting comments on the revised schedule iii to the companies act 2013 for a company whose financial statements.
Statement of profit and loss of a company. Where compliance with the requirements of the act including accounting standards. When using the double declining balance method the salvage value is not considered in determining the annual depreciation but the book value of the asset being depreciated is never brought below its salvage value regardless of the method used.
Schedule ii to the companies act 2013 specifies useful lives for the purpose of. Schedule iii see section 129general instructions for preparation of balance sheet and. Constitution of a high level committee to suggest measures for improved monitoring of the implementation of corporate social responsibility policies by the companies under section 135 of the companies act 2013.
Depreciation calculator for companies act 2013 transitional provision. See accompanying notes to the financial statements. An asset shall be classified as current when it satisfies any of the following criteria.
The companies act 2013 passed by the parliament has received the assent of the president of india on 29th august 2013. This an act to consolidate and amend the law relating to companies. For assets existing on 01042014 date of purchase is considered and the balance sheet value has to be depreciated over remaining useful life of assets.