SEBI (“Securities & Exchange Board of India”) has issued a new Circular bearing No. CIR/CFD/FAC/62/2016 dated July 05 (in pursuance of SEBI Circular No. CIR/CFD/CMD/15/2015 dated November 30, 2015) , on formats for Financial Results to be submitted by the listed entities henceforth and implementation of Ind-AS by listed entities during the first year which inter-alia provides for the following:
.The existing formats prescribed in SEBI Circular Bearing No. CIR/CFD/CMD/15/2015 dated November 30, 2015 for Unaudited/Audited quarterly financial results be submitted by the listed entities, with the stock exchanges, shall continue till the period ending December 31, 2016;
.For the period ending on or after March 31, 2017, the formats for Unaudited/Audited quarterly financial results to be submitted by the Listed Entities, with the stock exchanges, shall be as per the formats for Balance Sheet and Statement of Profit and Loss (excluding notes and detailed sub-classification) as prescribed in Schedule III to the Companies Act, 2013;
.To extend the timeline for submitting the financial results for the quarter ending June 30, 2016and September 30, 2016 by one month. Therefore, the financial results for the quarter endingJune 30, 2016 and September 30, 2016 may be submitted by September 14, 2016 andDecember 14, 2016 respectively;
.For the Quarter ending June 30, 2016, Ind-AS compliant financial results for the corresponding quarter ended June 30, 2015 shall be provided and submission of Ind-AS compliant financial results for the preceding quarter and previous year ended March 31, 2016 is not mandatory;
.For the Quarter ending September 30, 2016, Ind-AS compliant financial results for the corresponding year to date/ quarter ended September 30, 2015 shall be provided and submission of Ind-AS compliant financial results and Balance Sheet for the previous year ended March 31, 2016 is not mandatory;
.Listed entities shall disclose with due prominence that the Ind-AS compliant financial results, pertaining to the relevant periods of the previous year as mentioned above, as applicable, have not been subjected to limited review or audit;
.Format of Balance Sheet for the Half-Yearly ended September 30, 2016 shall be as per the format for Balance Sheet (excluding notes and detailed sub-classifications) as prescribed in Schedule III to the Companies Act, 2013;
.The listed entities to provide a reconciliation of its equity and net profit/ loss for enabling the investors to understand the material adjustments to the Balance Sheet and Statement of Profit and Loss on account of transition from the previous Indian GAAP to Ind-AS;
.In case of Companies who are required to prepare its financial statements for a period longer or shorter than the normal 12 month period for coinciding with 31st day of March as prescribed under Section 2 (41) of the Companies Act, 2013; in such cases, the Ind-AS financial statements for various periods beginning from April 01, 2016, shall have comparative information for a shorter or longer period i.e. beginning from a date other than 1st of April 2015.The listed entity, in such cases, shall disclose a suitable note, with due prominence, that comparative amounts presented in the Quarterly / Half-yearly / Year to date / Annual financial results are not entirely comparable.