[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
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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
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