Revised schedule vi lays a multi-step format for p/l account classification of assets, liabilities and provisions is based on long-term and short-term provisions – significant change. The revised schedule vi is applicable to companies following indian gaap (and not ind-as) though a formal circular/official notification regarding the revised schedule vi is still awaited, the mca website states that it is applicable from the financial year 2010-11 onwards. Revised schedule vi requires disclosure of the amount of dividends proposed to be distributed to equity and preference shareholders for the period and the related amount per share to be disclosed separately.
The revised schedule vi requires that if compliance with the requirements of the act and/ or accounting standards requires a change in the treatment or disclosure in the financial statements, the requirements of the act and/ or accounting standards will prevail over the schedule vi. Compiled and prepared by kantilal patel & company page 1 of 23 a comparative study - schedule vi of the companies act, 1956 old v/s revised (2011). The revised schedule vi introduces many new concepts and disclosure requirements and does away with several statutory disclosure requirements of the existing schedule vi the new schedule vi is as per the currently in use non-converged accounting standards as under companies (accounting standards) rules, 2006. In the context ofâ preparation and presentation ofâ balance sheet , and statement of profit and loss as per the new schedule vi to the companies act , 1956 for the accounting period commencing on or after 142011 , classification of various elements of financial statements and developing related disclosures have become â critical corporate reporting issues.
Revised schedule vi kri agarwal loading unsubscribe from kri agarwal accounting: horizontal & vertical analysis - duration: 13:14 profblazarus 98,019 views 13:14. Schedule vi of the companies act 1956 revised the revised schedule vi has been framed as per the existing non converged indian accounting standards notified und. Revised schedule vi requires that, except in the case of the first financial statement laid before the company (after incorporation), the corresponding amounts for the. Background and applicability • revised schedule vi not applicable to insurance, banking, electricity companies or companies which are required to prepare financial statements in a format.
However a close analysis of the form, content and terminology of revised schedule vi is concerned, concept has been imparted from indian accounting standard (ind as), approved by ministry of corporate affairs without announcing applicability date. Revised schedule vi: the ministry of company affairs had comprehensively revised the schedule vi of the companies act,1956 on 28 th of february, 2011 pertaining to preparation of balance sheet and profit & loss account. Revised schedule vi of the companies act, 19561 a comparison with old schedule vi.
The revised schedule vi introduces some significant conceptual changes primacy to the requirements of the accounting standards the implications of the revised schedule vi are varied and are expected to present a large number of implementation issues. Revised schedule vi has many good comparability features we can compare past year’s figure with current year in easy way we can check balance sheet and notes to accounts without wasting much time, so, the revised schedule vi is a very solid format, you will love. Ministry of corporate affairs on 3rd march 2011 has revised schedule vi to the companies act, 1956 which deals with the format and content of balance sheet, profit & loss account and disclosures, as per the existing non-converged indian accounting standards notified under the companies (ac. Revised schedule vi classification if any part of this blog is incorrect, inappropriate or violates the ip rights of any person, . Revised schedule vi - download as powerpoint presentation (ppt / pptx), pdf file (pdf), text file (txt) or view presentation slides online indian companies act.
Some issues arising on application of revised schedule vi 1 do the companies need to furnish comparatives also in the revised schedule vi format. • as per revised schedule vi, any item of income or expense which exceeds one per cent of the revenue from operations or 100,000 (earlier 1 % of total revenue or rs 5,000), whichever rs is higher, needs to be disclosed separately. In view of issuance of schedule iii to the companies act, 2013, which is to be followed by the companies from 1st april, 2014, the applicability of revised schedule vi to the companies act 1956 is for the preparation of financial statements prior to that period. Revised schedule vi financial statements checklist financial statements in revised schedule vi format additional information fill non‐financial information under profit &.
Revised schedule vi - summary - download as pdf file (pdf), text file (txt) or read online bata shoe company swot analysis summary of revised schedule vi . Impending impact of this event on the project schedule schedule impact analysis is defined as the process of quantifying and updated and revised.
The mca recently issued a revised schedule vi to the companies act, 1956, to lay down a new format for preparation and presentation of financial statements by indian companies the revised schedule vi introduces many new concepts and disclosure requirements and does away with several statutory . The central government has issued a new and revised schedule vi format in the preparation of balance sheet and profit and loss account. Mca has notified both revised schedule vi kindly confirm the applicability date with the notifications as appearing the mca web site, the same would be applicable for the financial statement 2010-11, however notifications missing. Changes to latest schedule vi of companies act, 1956 02 jul, 2012 posted by balaji m posted in xbrl schedule vi of companies act stipulates the format in which every company should prepare and present its balance sheet and profit & loss account.