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This part of Schedule sets out the minimum requirements for disclosure on the face of the Balance Sheet, and the Statement of Profit and Loss (hereinafter referred to as "Financial Statements" for the purpose of this Schedule) and Notes.

21 April 2015 Schedule III of the Companies Act, 2013 contains a format for preparation and presentation of financial statements. . Except for addition of general instructions for preparation of Consolidated Financial Statements (CFS), the format of financial statements given in the Companies Act, 2013 is the same as ...

Footnotes information can generally be split into two different areas. The first deals with the accounting methods a company chooses to formulate its financial information, such as revenue recognition policies. The second provides an expanded explanation of important company operational and financial results.

Footnotes to the financial statements refer to additional information that helps explain how a company arrived at its financial statement figures. They also help to explain any irregularities or perceived inconsistencies in year to year account methodologies.

Revised Schedule VI prescribes a vertical format for presentation of balance sheet. Thus, a company will not have option to use horizontal format for presentation of financial statements.

Footnotes are also called supplementary notes that explain the figures and accounts contained in the company's financial statements. For clarity purpose, points and information that aid a better understanding of the financial accounts such as balance sheet and income statement are supplied as footnotes.

About Schedule VI -Statement of Profit & Loss The Ledgers that are classified under these Accounting Groups to get linked to the Schedule VI Heads. This is a broad classification provided by Tally. ERP 9. Users can reclassify the Groups/Ledgers under other Schedule VI Income/Expense Heads as required.