MCA notifies new Trade Payables Ageing Schedule [Read Notification]

MCA - Trade Payables Ageing Schedule - Taxscan

The Ministry of Corporate Affairs (MCA) notified the New Trade Payables Ageing Schedule.

The Central Government further amends Schedule III to the Companies Act, 2013 with effect from 1 April, 2021.

In Division I, under the heading “General instructions for preparation of Balance Sheet and statement of Profit and Loss of a company”, under sub-heading “General instructions”, in paragraph 4, in clause (i), for the word “may” the word “shall” and for the word “Turnover”, at both the places where it occurs, the words “Total Income” shall be substituted.

A company shall disclose Shareholding of Promoters, Promoter’s name, Number of Shares, percentage of share.

It is notified that similar information shall be given where no due date of payment is specified in that case disclosure shall be from the date of the transaction. Unbilled dues shall be disclosed separately.

Under the heading “I. Tangible Assets”, for the words “Tangible Assets”, the words “Property, Plant and Equipment” shall be substituted.

Under the heading “J. Intangible assets”, for an item the “a reconciliation of the gross and net carrying amounts of each class of assets at the beginning and end of the reporting period showing additions, disposals, acquisitions through business combinations, amount of change due to revaluation (if the change is 10% or more in the aggregate of the net carrying value of each class of intangible assets) and other adjustments and the related depreciation and impairment losses or reversals shall be disclosed separately,” shall be substituted.

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