- SEBI vide Circular No. CIR/CFD/CMD/15/2015 dated November 30, 2015, has prescribed formats for publishing financial results.
- SEBI, in consultation with the market participants viz. Listed Entities, Stock Exchanges and Members of the Institute of Chartered Accountants of India ('ICAI'), has now decided the following:
Formats:
The existing formats prescribed in SEBI Circular dated
November 30, 2015 for Unaudited/Audited quarterly financial results i.e.
Statement of Profit and Loss and the Unaudited/Audited Half-Yearly Balance
Sheet to 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 i.e. Statement of
Profit and Loss and the Unaudited/Audited Half-Yearly Balance Sheet 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. However, Banking Companies and Insurance Companies shall follow the
formats as prescribed under the respective Acts/Regulations as specified by
their Regulators.
Until Companies (Indian Accounting Standards) Rules, 2015 ('Ind-AS
Rules') become applicable, the listed entities shall adopt Companies
(Accounting Standards) Rules, 2006 ('AS Rules') as prescribed by the
Ministry of Corporate Affairs ('MCA').
The Quarterly / Annual Segment Information published in
compliance with the requirements as prescribed under Accounting Standard (‘AS’)
17/ Indian Accounting Standard (‘Ind AS’) 108 of the AS Rules/ Ind-AS Rules, as
applicable, shall contain the following minimum information: -
- Segment Revenue (including inter-segment revenue);
- Segment Results;
- Segment Assets;
- Segment Liabilities.
Unallocated items, wherever applicable, shall be shown
separately in respect of the above information. Aggregate inter-segment revenue
shall be shown as a deduction from the segment revenue.
While publishing the aforementioned financial results, the
listed entities shall disclose the figures relating to the periods as mentioned
in the respective annexures to the circular dated November 30, 2015.
The financial results published in the newspapers, in terms
of Regulation 47 (1) (b) of the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015 ('Listing Regulations'),shall be in the
format as prescribed in Annexure I to the instant circular,
which has now been slightly modified.
Implementation of Ind-AS during the first year:
As mentioned in para 5 of the circular dated November 30,
2015, the comparatives filed alongwith the quarterly / annual financial results
are required to be Ind-AS compliant. However, in order to facilitate smooth
transition during the first year of Ind-AS implementation, the following relaxations
are being given to the listed entities to which Ind- AS Rules are applicable
from the accounting period beginning on or after April, 1, 2016:
For the quarter ending June 30, 2016 and September 30,
2016:
5.
The timeline for submitting the financial results
in compliance with the provisions of this Circular is extended by one month.
The results for the quarter ending June 30, 2016 and September 30, 2016 may
be submitted by September 14, 2016 and December 14, 2016 respectively.
6.
For the quarter ending June 30, 2016, Ind-AS
compliant financial results for the corresponding quarter ended June 30,
2015shall be provided. 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. However, in such cases, limited review or
audit of the same is not mandatory.
7.
For the quarter ending June 30, 2016, submission
of Ind-AS compliant financial results for the preceding quarter and previous year
ended March 31, 2016is not mandatory. For the quarter ending September 30,
2016, submission of Ind-AS compliant financial results and Balance Sheet for
the previous year ended March 31, 2016 is not mandatory. However, in case the
entities intend to submit these results, the same may be without limited review
or audit.
8.
In such cases, the 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 in (ii)
and (iii) above, as applicable, have not been subjected to limited review or
audit. However, the management has exercised necessary due diligence to ensure
that the financial results provide a true and fair view of its affairs.
9.
The 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.
For the quarter ending December 31, 2016:
10.
The submission of Ind-AS compliant financial
results for the previous year ended March 31, 2016 is not mandatory.
11.
In case a listed entity chooses to provide
Ind-AS comparatives for the period mentioned above to facilitate comparison,
the same shall be subjected to limited review or audit.
For all the aforementioned three quarters, disclosure of the
line item - Reserves(excluding Revaluation Reserves), as per Balance sheet of
the previous accounting year ended March 31, 2016, as prescribed in the
existing formats for quarterly financial results is not mandatory.
In case the listed entity has subsidiaries / Joint Ventures
/ Associates, the entity may exercise the option under Regulation 33(3)(b)(i)
of the Listing Regulations to submit quarterly/year-to-date consolidated
financial results in the second quarter instead of the first quarter of the
financial year and this option shall not be changed during the remaining part
of the financial year.
For listed entities to which Ind AS Rules are applicable in
subsequent phases (beginning from the Financial Year 2017-18, 2018-19 and
2019-20), the relaxations as mentioned in para 2.6 above shall mutatis-mutandis
apply during their corresponding first year of Ind-AS implementation.
Clarifications on issues with regard to Ind-AS implementation:
The listed entities in order to comply with the requirements
of paragraph 32 of Ind AS 101 - First time Adoption of Ind AS, shall provide a
reconciliation of its equity and net profit / loss, in the following manner,
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:
12.
Reconciliation of its equity for the previous
year ended March 31, 2016, shall be provided while submitting the Audited
Yearly Balance Sheet for the period ended March 31, 2017.
Reconciliation of its equity for the previous year ended
March 31, 2016, shall be provided in case the listed entity intends to provide
the same while submitting the Unaudited/Audited Ind-AS compliant Half-Yearly
Balance Sheet for the period ended September 30, 2016.
13.
Reconciliation of its net profit / loss as
mentioned in the Unaudited/Audited quarterly financial results shall be
provided only for the corresponding quarter of the previous year.
A listed entity may historically have a year-end other than
31st day of March, and may now be required to prepare 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.
In case of any technical difficulty in the interpretation of
any specific item in the formats or implementation of this circular while
publishing the financial results, the listed entities shall be guided by the
relevant provisions of the Ind-AS Rules / AS Rules and Schedule III to the
Companies Act, 2013 and may make suitable modifications, as applicable. The
listed entities shall also provide suitable explanations and clarifications,
wherever felt necessary.
- This Circular shall come into force with immediate effect and the contents of the circular dated November 30, 2015, shall stand modified to the extent stated under this circular.
ANNEXURE I
Format for Newspaper Publishing Purpose (Standalone /
Consolidated)
[See Regulation 47(1) (b) of the SEBI (LODR) Regulations,
2015]
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Sl. No.
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Particulars
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Quarter ending/Current Year ending
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Year to date Figures/Previous Year ending
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Corresponding 3 months ended in the previous year
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1.
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Total Income from Operations
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2
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Net Profit / (Loss) for the period (before Tax,
Exceptional and/or Extraordinary items#)
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3.
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Net Profit / (Loss) for the period before tax (after
Exceptional and/or Extraordinary items#)
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4.
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Net Profit / (Loss) for the period after tax (after
Exceptional and/or Extraordinary items#)
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5.
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Total Comprehensive Income for the period [Comprising
Profit / (Loss) for the period (after tax) and Other Comprehensive Income
(after tax)]
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6.
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Equity Share Capital
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7.
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Reserves (excluding Revaluation Reserve) as shown in the
Audited Balance Sheet of the previous year
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8.
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Earnings Per Share (of Rs. ___/- each) (for continuing and
discontinued operations) -
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NOTE:
- The above is an extract of the detailed format of Quarterly/Annual Financial Results filed with the Stock Exchanges under Regulation 33 of the SEBI (Listing and Other Disclosure Requirements) Regulations, 2015. The full format of the Quarterly/Annual Financial Results are available on the websites of the Stock Exchange(s) and the listed entity. (URL of the filings).
- The impact on net profit / loss, total comprehensive income or any other relevant financial item(s) due to change(s) in accounting policies shall be disclosed by means of a footnote.
- # - Exceptional and/or Extraordinary items adjusted in the Statement of Profit and Loss in accordance with Ind-AS Rules / AS Rules, whichever is applicable
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