The non-profit organizations registered under section 8 of the Act, 2013 are required to prepare their Income and Expenditure Accounts and Balance Sheet as per Schedule III of the Companies Act, 2013.Schedule III of the Companies Act 2013, provides the format of financial statements of companies complying with Accounting Standards (AS) and Ind AS.A company is referred to as Section 8 Company when it registered as a Non-Profit Organization (NPO) i.e. when it has the motive of promoting arts, commerce, education, charity, protection of the environment, sports, science, research, social welfare, religion and intends to use its profits (if any) or other income for promoting these objectives.As per Schedule III of the Companies Act 2013 the companies registered under section 8 of Co. Act, 2013 is required to prepare their Income and Expenditure Accounts and Balance Sheet as their financial statements.