Revised schedule vi
This query is : Resolved
27 May 2012
In which note, we can disclosed FD/Bank FD having maturity more than 12 months
27 May 2012
Compare the "balance" maturity from balance sheet date.
If it is less than 12 months, park it in Cash & Bank balance.
If it is more than 12 months from balance sheet date then park it under other current assets in NOn current section.
If it is less than 12 months, park it in Cash & Bank balance.
If it is more than 12 months from balance sheet date then park it under other current assets in NOn current section.
27 May 2012
Dear Mr. Parth,
Bank Deposits/FDs are Classified under "Cash & Cash cash Equivalents".
Cash & Cash Equivalents will be changed to Cash & Bank Balances and which will have 2 sub headings:-
1.Cash & Cash Equivalents
2.Other bank balances
In the first Sub heading bank deposits with the maturity of upto 3 months from the Acquisition date shall be classified.
and in the second sub heading other FDs are classified.
but If the FDs with the maturity from the date of reporting date is more than 12 months then they shall be classified under "other non current assets".
note:- A disclosure of FDs with the maturity of more than 12 months from the date of acquisition shall also be made in "Cash & bank balances".
Hence, Accordingly,if FD will get matured with 12 months from the balance sheet date shall be "other non current assets" and Fds with the original maturity of more than 12 months but less than 12 months from balance sheet date shall be classified under "cash & bank balance".
Disclosure for all the Fds with the maturity of more than 12 months from the Acquisition date shall be given in cash & bank balance.
Thanks.
Bank Deposits/FDs are Classified under "Cash & Cash cash Equivalents".
Cash & Cash Equivalents will be changed to Cash & Bank Balances and which will have 2 sub headings:-
1.Cash & Cash Equivalents
2.Other bank balances
In the first Sub heading bank deposits with the maturity of upto 3 months from the Acquisition date shall be classified.
and in the second sub heading other FDs are classified.
but If the FDs with the maturity from the date of reporting date is more than 12 months then they shall be classified under "other non current assets".
note:- A disclosure of FDs with the maturity of more than 12 months from the date of acquisition shall also be made in "Cash & bank balances".
Hence, Accordingly,if FD will get matured with 12 months from the balance sheet date shall be "other non current assets" and Fds with the original maturity of more than 12 months but less than 12 months from balance sheet date shall be classified under "cash & bank balance".
Disclosure for all the Fds with the maturity of more than 12 months from the Acquisition date shall be given in cash & bank balance.
Thanks.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- GST Regis.
- Tax on capital gains revoked us 54f
- Inventory of finished goods
- Should I include march foreign salary received in April in my income for FY 2023-24?
- Clarification on Documentation of Paid-Up Capital Contribution by Directors
- Confusion around Form 26QB fields
- Refund of AY 22-23
- Disallowance of Section 43B(h) to sez units
- Sale of property furniture sale
- Applicability of Ind As to associate of associate
- HSN Details in IFF/GSTR-1 & in GSTR 9
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding einvoice taken on nil rated sales
Trending Online Classes
CAclubindia
