Applicability of schedule vi of companies act 1956

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Querist : Anonymous

Querist : Anonymous (Querist)

01 October 2012 Dear Experts

Pl guide and tell whether Schdule VI is applicable of every type of private and public limited companies. And whether there any exemption for small private limited companies.....

Pl reply on urgent basis. thanks.

Ajay Mishra

Ajay Mishra (Expert)
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01 October 2012 Hi

The Ministry of Corporate Affairs (MCA) has prescribed a revised Schedule VI to the Companies Act, 1956 vide Notification dated 28.02.2011 which is applicable for the financial statements prepared for all financial periods beginning on or after 1 April 2011 by Indian Companies. The revised Schedule VI introduce many concepts and disclosure requirements and also does away with several statutory disclosure requirements.

It apply to all companies.

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CS Ankur Srivastava

CS Ankur Srivastava (Expert)
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01 October 2012 w.e.f. 01/04/2011 revised schedule VI has been applicable to all companies whether small, big, private or public.

The balance sheet of f.y. 31/03/2012 must be submitted in the revised schedule VI form.

Forms 23AC & 23ACA have also been amended giving effect the same changes and the filing of non XBRL balance sheet has been enabled w.e.f. 30/09/2012.

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