Date: 2015-09-07Category: Extra OrdinaryState: Union GovernmentCountry: India
In exercise of the powers conferred by sub-section (1) of section 467 of the Companies Act, 2013 (18 of 2013), the Central Govt., hereby makes the following further alterations in Schedule III (hereinafter referred to as said Schedule) to the said Act, namely.
Executive Summary:
This notification, issued by the Ministry of Corporate Affairs, introduces alterations to Schedule III of the Companies Act, 2013, specifically concerning disclosures related to trade payables for micro, small, and medium enterprises. It details additional information required in the notes to the balance sheet regarding amounts due to these enterprises. The notification takes effect on the date of its publication in the Official Gazette (September 7, 2015).
Key Points / Main Content:
Balance Sheet Changes:
* Under Equity and Liabilities, the definition of "Trade Payables" is substituted with:
* A. Total outstanding dues of micro and small enterprises.
* B. Total outstanding dues of creditors other than micro and small enterprises.
Notes to Balance Sheet - General Instructions:
* A new subpara "FA. Trade Payables" is inserted, mandating the following disclosures related to Micro, Small, and Medium Enterprises:
* The principal amount and interest due, shown separately, remaining unpaid to any supplier at the end of each accounting year.
* The amount of interest paid by the buyer under Section 16 of the Micro, Small, and Medium Enterprises Development Act, 2006, including payments made beyond the appointed day.
* The amount of interest due and payable for payment delays, even if paid, but without adding interest specified under the Micro, Small, and Medium Enterprises Development Act, 2006.
* The amount of interest accrued and remaining unpaid at the end of each accounting year.
* The amount of further interest remaining due and payable in succeeding years until all interest dues are paid, relevant for disallowance of deductible expenditure under Section 23 of the Micro, Small, and Medium Enterprises Development Act, 2006.
* Explanation: Terms like "appointed day," "buyer," etc., have the meanings defined in Section 2 of the Micro, Small, and Medium Enterprises Development Act, 2006.
Impact Analysis:
Companies:
* Impact: Companies preparing financial statements must now provide enhanced disclosures regarding their trade payables to micro, small, and medium enterprises. This includes detailed reporting of principal, interest, and payment delays.
* Action Required: Update accounting and reporting systems to capture and disclose the required information in the notes to the balance sheet, ensuring compliance with Schedule III of the Companies Act, 2013, and the Micro, Small, and Medium Enterprises Development Act, 2006.
Auditors:
* Impact: Auditors will need to verify the accuracy and completeness of the new trade payable disclosures related to micro, small, and medium enterprises.
* Action Required: Develop audit procedures to assess the reliability of the disclosed information and ensure compliance with the revised Schedule III requirements.
Micro, Small, and Medium Enterprises:
* Impact: These enterprises will benefit from increased transparency regarding payments due to them, potentially improving their ability to manage cash flow and recover outstanding amounts.
* Action Required: Monitor payments from buyers and ensure accurate record-keeping to support claims related to delayed payments and interest under the Micro, Small, and Medium Enterprises Development Act, 2006.
Key Entities Referenced
Ministry of Corporate Affairs: The ministry issuing the notification.
New Delhi: The location where the notification was issued.
Companies Act, 2013: The Act under which the powers are being exercised to make alterations.
Schedule III: The schedule to the Companies Act, 2013 being altered by the notification.
Micro, Small and Medium Enterprises Development Act, 2006: The Act related to micro, small, and medium enterprises, referenced in the notification regarding trade payables and interest payments.
Section 467 of the Companies Act, 2013: The section of the Companies Act, 2013 that confers powers related to alterations.
Amardeep Singh Bhatia: The Joint Secretary who signed the notification.
Section 2 of the Micro, Small and Medium Enterprises Development Act, 2006: Section defining terms related to enterprises and suppliers.
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3796 GI/2015 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(i)]
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[फा.सं.1/19/2013-सीएल.V]
अमरदीप _सह भाGटया, संयु# सिचव
MINISTRY OF CORPORATE AFFAIRS
NOTIFICATION
New Delhi, the 4th Spetember, 2015
G.S.R. 679(E).—In exercise of the powers conferred by sub-section (1) of section 467 of the
Companies Act, 2013 (18 of 2013), the Central Government hereby makes the following further alterations in
Schedule III (hereinafter referred to as said Schedule) to the said Act, namely:—
2. In the said Schedule, in Part I- Balance Sheet,-
(i) Under the heading “Equity and Liabilities”, in para (4), for “(b) Trade payables” the following shall be
substituted, namely:—
“(b) Trade Payables:-
(A) total outstanding dues of micro enterprises and small enterprises; and
(B) total outstanding dues of creditors other than micro enterprises and small enterprises.”.
(ii) Under the heading “Notes: General Instructions for preparation of Balance Sheet”, in para 6, after sub-para F
the following shall be inserted, namely:—
“FA. Trade Payables
The following details relating to Micro, Small and Medium Enterprises shall be disclosed in the notes:-
(a) the principal amount and the interest due thereon (to be shown separately) remaining unpaid to any
supplier at the end of each accounting year;
(b) the amount of interest paid by the buyer in terms of section 16 of the Micro, Small and Medium
Enterprises Development Act, 2006, along with the amount of the payment made to the supplier
beyond the appointed day during each accounting year;
(c) the amount of interest due and payable for the period of delay in making payment (which have been
paid but beyond the appointed day during the year) but without adding the interest specified under the
Micro, Small and Medium Enterprises Development Act, 2006;¹Hkkx IIµ[k.M 3 (i)º Hkkjr dk jkti=k % vlk/kj.k 3
(d) the amount of interest accrued and remaining unpaid at the end of each accounting year; and
(e) the amount of further interest remaining due and payable even in the succeeding years, until such
date when the interest dues above are actually paid to the small enterprise, for the purpose of
disallowance of a deductible expenditure under section 23 of the Micro, Small and Medium Enterprises
Development Act, 2006.
Explanation.- The terms ‘appointed day’, ‘buyer’, ‘enterprise’, ‘micro enterprise’, ‘small enterprise’ and ‘supplier’, shall
have the same meaning assigned to those under clauses (b), (d), (e), (h), (m) and (n) respectively of section 2 of the
Micro, Small and Medium Enterprises Development Act, 2006.”.
3. This notification shall come into force on the date of its publication in the Official Gazette.
[F. No. 1/19/2013/CL.V]
AMARDEEP SINGH BHATIA , Jt. Secy.
Printed by the Manager, Government of India Press, Ring Road, Mayapuri, New Delhi-110064
and Published by the Controller of Publications, Delhi-110054.