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. The existing form of Balance sheet in Schedule VI was inserted by The Companies (Amendment) Act, 1960.
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