Question

According to Schedule III of the Act 2013, if compliance with the requirements of the Act necessitates any change in the financial statements, how should companies proceed?

a.

No changes are required; companies should maintain the existing format.

b.

Changes should be made only if the company deems it necessary.

c.

Changes, including addition, amendment, substitution, or deletion, should be made, and the Schedule III requirements shall be modified accordingly.

d.

Companies can choose to comply with either the Act or Schedule III.

Posted under IC 89 Management Accounting

Answer: (c).Changes, including addition, amendment, substitution, or deletion, should be made, and the Schedule III requirements shall be modified accordingly. Explanation:According to Schedule III, if compliance with the requirements of the Act necessitates any change in the financial statements, companies should make the changes, and the Schedule III requirements shall be modified accordingly.

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Q. According to Schedule III of the Act 2013, if compliance with the requirements of the Act necessitates any change in the financial statements, how should companies proceed?
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