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Under which Schedule of the Companies Act, 2013 are the formats of financial statements prescribed?

Under which Schedule of the Companies Act, 2013 are the formats of financial statements prescribed? Correct Answer Schedule III

The correct answer is option 3 i.e. Schedule III.

Schedule of the Companies Act, 2013 - 

  • The Companies Act, 2013 has retained only 4 of 16 schedules of the Companies Act,1956 with changes and introduced 3 new schedules to cover new concepts of Independent Directors, CSR and Infrastructural Projects.
  • Schedule I: Memorandum and Articles (Section 4 and 5)
  • Schedule II: Depreciation (Section 123)
  • Schedule III: Balance Sheet and Statement of Profit & Loss (Section 129). Hence option 3 is correct.
  • Schedule IV: Code for Independent Directors (Section 149(8))
  • Schedule V: Appointment of managing director, whole-time director or manager (Section 196 and 197)
  • Schedule VI: Infrastructure Projects (Section 55 and 186)
  • Schedule VII: Corporate Social Responsibility (Section 135)

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