Economics · Financial Accounting

Read the following statements regarding statutory compliance and disclosures for financial statements: Statement I: According to Schedule III, any item of income or expenditure exceeding 1% of the revenue from operations or 1,00,000, whichever is higher, must be disclosed separately in the Notes to Accounts. Statement II: A 'Current Asset' is expected to be realized, sold, or consumed within the normal operating cycle or within 12 months after the reporting date. Statement III: Banking companies are required to transfer 25% of their net profit to the 'Statutory Reserve' every year as per the Banking Regulation Act 1949 and RBI directives. Statement IV: Preliminary expenses are shown under 'Other Non-Current Assets' until written off. Statement V: The Securities Premium Account can be used by a company to buy back its own shares under Section 68. Which of the statements are correct?