11 October 2012
Sir, I am a IPCC student.I want to confirm that schedule vi is not applicable on insurance companies, banking companies,electricity companies.
I want to know that in case of branch accounting profit and loss a/c will be as per schedule vi or it can be T shape, (in case of company).
12 October 2012
As per proviso to sec 211(1) and (2) schedule Vi is not applicable to insurance, banking and electricity companies... However it is currently applicable for electricity companies in absence of any provisions on accounting in their governing law Electricity Act, 2003.
CAclubindia
