Completion Schedule explained: this guide covers what it means, who it applies to, the step-by-step process, documents required, fees, due dates and penalties in India — so you can stay compliant with confidence and avoid costly mistakes.
A company that has quietly re-planned a delayed project cannot make the delay disappear — the comparison is always against the plan first approved.
What triggers it
For capital work-in-progress whose completion is overdue or has exceeded its cost compared to its original plan, a completion schedule shall be given:
| CWIP | < 1 year | 1–2 years | 2–3 years | > 3 years |
|---|---|---|---|---|
| Projects in progress — Project 1, Project 2 … | ||||
| Projects temporarily suspended — Project 1, Project 2 … |
Details of projects where activity has been suspended shall be given separately. Unlike the ageing schedule, this one is made at project level, and separately for the two categories.
Already exceeded, not expected to exceed
Disclosure is required only in those cases where the actual cost of an asset or project has already exceeded the estimated cost as per the original plan, or actual timelines for completion have already exceeded the estimated timelines as per the original plan. Such assessment needs to be done at each reporting date.
An anticipated overrun does not trigger the completion schedule; a realised one does. The schedule then discloses expected completion timelines in defined ageing brackets — so the columns look forward even though the trigger looks back.
Any variation between a project's actual completion timeline or actual cost and the respective estimate is required to be evaluated from the original plan — original completion timelines and original estimated costs.
The original plan is that plan which is approved by the relevant approving authority and on the basis of which implementation progress is evaluated. It includes management's estimates and assumptions with respect to future business, economy / industry and regulatory environments, and those assumptions shall be subject to change from time to time, resulting in a "revised plan".
The rule that gives the disclosure its force: when plans are subsequently revisited and revised, the same should not be considered for determining variation when making the above disclosures.
Without it, a delayed project could be re-baselined each year and would never be overdue against its own most recent plan. Management shall apply judgement in determining whether such revisions in the plans are in the nature of a fresh "original plan" or simply an update of estimates and assumptions — a judgement that has to be exercised honestly, because it is the only route by which a new baseline can legitimately be adopted.
What is a project
Neither Schedule III nor Ind AS 16 defines "project". It may be construed as the smallest group of assets having a common intended use — for example, a group of assets in an integrated plant may be treated as one project.
The identification of a project will require judgement, and management needs to identify projects based on the facts of each case. Project identification should be consistent with how management identifies and monitors progress on a group of assets internally.
Two presentation reliefs
- Aggregation. Projects that are not considered material at an individual level can be aggregated and disclosed under the relevant category.
- Combined or separate triggers. The prescribed format seems to require a disclosure for both categories — exceeded cost or overdue — on a combined basis instead of separately disclosing for projects which are overdue and projects where costs have exceeded. However, the company may choose to provide disclosure for each trigger separately.
Intangible assets under development
An identical completion schedule applies to intangible assets under development whose completion is overdue or has exceeded its cost compared to its original plan, with details of projects where activity has been suspended given separately and all the relevant CWIP guidance applicable to the extent it applies.
Common mistakes
- Measuring variation against the latest revised plan.
- Disclosing projects merely expected to overrun.
- Presenting the completion schedule at aggregate rather than project level.
- Combining suspended projects with those in progress.