The financial statements of MP Ltd. as on March 31, 2020, are to be prepared under Division Il of Schedule III to the Companies Act, 2013. Comment on the disclosure compliances for MP Ltd. from the following information in the financial statements which are required to be drawn up in compliance with Ind AS.
1. Property, Plant & Equipment include ` 2.50 crore for a boiler-plant under construction.
2. Cash & cash equivalents include ` 1.25 crore deposited with a nationalized bank on 31st March 2020 for 18 months. It is shown under current assets.
3. Non-current assets include under the caption "Biological assets other than bearer Plants" a sum of ` 1.50 crore being the cost of cultivation for bringing to yield level, the cashew nut trees whose yield period, according to estimate shall not be less than 10 years.