Explain the disclosures requirements as per Schedule III of Companies Act, 2013 with regards to "Reserves and Surplus" and "Long-term Borrowings".

The disclosure requirement as per Schedule III of the Companies Act, 2013 are as follow in respect of: i. Reserves and surplus Reserves and surplus shall be classified as: Capital Reserves Capital Redemption Reserves Securities Premium Reserves Debenture Redemption Reserves Revaluation Reserves Share options outstanding Account Other Reserves - (specify the nature of each reserve and the amount in respect thereof). Surplus i.e. balance in statement of Profit & Loss disclosing allocations and appropriations such as dividend paid, bonus shares and transfer to/ from reserves (Additions and deductions since last balance sheet to be shown under each of the specified heads) A reserve specifically represented by earmarked investments shall be termed as a 'fund' Debit balance of Statement of Profit and Loss shall be shown as a negative figure under the head 'Surplus'. Similarly, the balance of "Reserves and Surplus", after adjusting negative balance of surplus, if any, shall be shown under the head "Reserves and Surplus" even if the resulting figure is in the negative. ii. Long-term Borrowings Long term borrowings shall be classified as: Bonds/debentures Term Loans - from Banks / from other parties. Deferred payment liabilities Deposits Loans and advances from related Parties Long-term maturities of finance lease obligations other loans and advances (specify nature) Borrowings shall further be sub-classified as secured and unsecured. Nature of security shall be specified separately in each case. Where loans have been guaranteed by directors or others, the aggregate amount of such loans under each head shall be disclosed. Bonds/debentures (along with the rate of interest and particulars of redemption or conversion, as the case may be) shall be stated in descending order of maturity or conversion, starting from farthest redemption or conversion date, as the case may be. Where bonds/debentures are redeemable by instalments, the date of maturity for this purpose must be reckoned as the date on which the first instalment becomes due. Particulars of any redeemed bonds/debentures which the company has power to reissue. Terms of repayment of term loans and other loans shall be stated Period and amount of default in repayment of dues, providing break-up of principal and interest shall be specified separately in each case.