Which among the following is NOT the feature of the Presentation of the Financial Statement?

The question asks which statement is NOT a feature of Presentation of Financial Statements as per Schedule III of the Companies Act, 2013.

Let's examine each option:

Option 1 states that Accounting Standards prevail over Schedule III. This is a correct feature. As per General Instructions to Schedule III, when Accounting Standards require different treatment or disclosure, the Accounting Standards shall prevail.

Option 2 states that rounding off requirements are mandatory. This is a correct feature. Schedule III specifies mandatory requirements for rounding off amounts (in lakhs, crores, etc.) with proper disclosure.

Option 3 states that disclosure on face of financial statements or in notes is not essential or mandatory. This is INCORRECT and hence NOT a feature. In reality, Schedule III mandates comprehensive disclosures - companies must provide information either on the face of the financial statements or in the notes to accounts. These disclosures are essential and mandatory for transparency and compliance.

Option 4 states that current and non-current classification is applicable. This is a correct feature. Schedule III requires all assets and liabilities to be classified into current and non-current categories (except for companies presenting liquidity-based formats).

Therefore, Option 3 is the answer as it contradicts the actual requirement - disclosures are very much mandatory and form an essential part of financial statement presentation.