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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 fixed assets and intangible assets in their financial statements. This information is crucial for investors and other stakeholders to assess the company’s financial performance and sustainability. Therefore, it is essential for companies to ensure compliance with the disclosure requirements related to fixed assets and intangible assets. In this regard, a checklist can be an effective tool to ensure that all the necessary information is provided in the financial statements.
In this story, we have discussed the presentation and disclosure checklist covering the amendments made in Schedule III and providing general instruction for the proper presentation of Fixed Assets and Intangible Assets in the Financial Statements.
I. Whether the company has separately classified the Property Plant and Equipment (PPE) as Land, Buildings, Plant and Equipment, Furniture and Fixtures; Vehicles, Office equipment, Bearer Plants, Others (specify nature)?
II. Whether ‘assets under lease’ has been separately disclosed under each class of asset or not?
III. Whether a reconciliation of gross and net carrying amounts of each class of Property, Plant and Equipment at the beginning and end of the reporting period showing additions, disposals, acquisitions through business combinations, and amount of change due to revaluation has been separately disclosed?
IV. Whether land and building are presented as two separate classes of property, plant and equipment?
V. Whether the company has classified any capital advances/ advances for the purchase of capital assets as capital work-in-progress instead of another non-current asset?
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