07 August 2014
Revised Schedule VI requires use of the same unit of measurement uniformly throughout the financial statements and ‘Notes to Accounts’. Rounding off requirements, if opted, are to be followed uniformly throughout the financial statements and ‘Notes to Accounts’. Rounding off requirements are as under--
* Turnover < Rs.100 crore
Round off to the nearest hundreds, thousands, lakhs or millions or decimal thereof.
* Turnover over Rs.100 crore
Round off to the nearest lakhs, millions or crores, or decimal thereof.
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