Under which Schedule of the Companies Act, 2013, the formats of financial statements are prescribed?
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EPFO AO EO 2017
Schedule I
Incorrect AnswerSchedule H
Incorrect AnswerSchedule III
Correct AnswerSchedule IV
Incorrect AnswerExplanation:
- The Companies Act, 2013 prescribes specific schedules for various guidelines and formats.
- Option 1: Schedule I - Deals with fundamentals like the memorandum of association, not financial statement formats.
- Option 2: Schedule H - This is not relevant as there is no Schedule H in the Companies Act, 2013.
- Option 3: Schedule III - Correct. Schedule III specifies the formats of financial statements, detailing the presentation of balance sheet, profit and loss account, etc.
- Option 4: Schedule IV - Relates to guidelines for independent directors, not financial statement formats.
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By: Abhipedia