Which among the following is NOT the feature of the Presentation of t…

The correct answer is Option (3) → Disclosure on the face of the financial statements or in the notes is not essential or mandatory.

Schedule III requires the information to be shown on the face of the statements or in the notes; such disclosure is essential and mandatory, not optional. The other three options are features of presentation as laid down:

Option (1) Accounting standards shall prevail over Schedule III of the Companies Act, 2013. — A feature of presentation. Where the two differ, the accounting standard is followed.

Option (2) Rounding off requirements is mandatory. — A feature of presentation. Figures are rounded off as per the turnover of the company.

Option (4) Current and non-current bifurcation of assets and liabilities is applicable. — A feature of presentation. Assets and liabilities are split into current and non-current.