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Revised schedule via current & non current

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Querist : Anonymous

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Querist : Anonymous (Querist)
08 August 2012
Kindly give views on the amounts outstanding from varioius parties which are under arbitration/court case. Whether thiese items can be classified under Current Assets/Liabilities under the revised Schedule VI.

Regards,

A S GUPTA
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Amol S Joglekar

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Amol S Joglekar (Expert)
08 August 2012 Normally the arbitration agreement contains period of award. If it is reasonable to believe that the amount shall be awarded within a year put it under the column of current else show it otherwise.
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CA CS Ravi Mehata

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CA CS Ravi Mehata (Expert)
10 October 2012 Many Times Award Case will take long time in Settlement more then a year....So You should take it as Non Current.
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