Hardik Dave (IPCC and CS Professional(FINAL) Student) (15533 Points)
18 June 2011
raghu
(student)
(547 Points)
Replied 20 June 2011
| Originally posted by : ....N.B.... | ||
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Thanx for the link...... |
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CA Mayur Agarwal
(Chartered Accountant)
(47 Points)
Replied 20 June 2011
cant find the link.. can anyone mail me please??
mayuragr @ gmail.com
Vikas Gupta
(CHARTERED ACCOUNTANT)
(16295 Points)
Replied 20 June 2011
| Originally posted by : Disha Bhawnani | ||
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thanx for the link |
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Vikas Gupta
(CHARTERED ACCOUNTANT)
(16295 Points)
Replied 20 June 2011
| Originally posted by : Mayur Agarwal | ||
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cant find the link.. can anyone mail me please?? mayuragr @ gmail.com |
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Ministry of Corporate Affairs (MCA) had revised Schedule VI of Companies Act, 1956 and notified the same on 1st March 2011. The refreshed Schedule VI shall apply to all companies from 1st April 2011 onwards.
The revised Schedule VI introduces many new concepts and disclosure requirements and does away with several statutory disclosure requirements of the existing Schedule VI. The New Schedule VI is as per the currently in use non-converged accounting standards as under Companies (Accounting Standards) Rules, 2006.
The changes brought in revised format have been segregated in the following manner: -
1. While both Vertical and horizontal forms of presentation were allowed under old schedule VI, only vertical form is allowed under revised Schedule VI.
2. Once a unit measurement is used, it should be used uniformly in the Financial Statements.
1. Change in nomenclature – “Sources of Funds” has been replaced with “Equity & Liabilities”
2. Share Capital – Company would need to show in sub-head à Shares held more than 5% in company along with number of shares
3. Debit Balance of P&L A/c shall now be shown as negative figure under head Surplus
4. Liabilities will now broadly be classified as
5. Deferred payment liabilities and loans & advances from related parties to be shown separately under head “Long term Borrowings”.
6. Provisions to be classified as Short Term Provisions & Long Term Provisions
1. Change in nomenclature – “Application Of Funds” has been replaced with “Assets”
2. Fixed Assets to be further classified as
4. Current Assets are to be shown under separate head.
5. “Sundry Debtors” have now been named “Trade Receivables”
6. “Cash and Bank Balances” have now been termed as “Cash and Cash Equivalents”. Classification under this head has been completely revamped.
7. Inventories – Goods in transit shall be disclosed under the relevant sub-head of inventories
8. Misc expenditure (to the extent not written off or adjusted) shall now not be shown separately under head “Other Current Assets”
9. The amount of dividend proposed to be distributed to shareholders (equity and preference) for the period and amount per share to be disclosed separately
1. Under head “Other Income” - Net gain/loss on foreign currency translation and transaction (other than finance cost) shall be disclosed separately.
2. Employee benefit expense shall disclose additionally expense on account of Employee stock option scheme (ESOP)
3. Following shall now be disclosed separately –
4. A new format has been issued for face reporting of Profit & Loss A/c.
1. The revised schedule VI intends to familiarize companies with Ind-AS/IFRS by using certain concepts such as current/non-current classification.
2. The revised Schedule VI has eliminated the concept of schedules and such information will now be provided in the notes to accounts. This is as done when applying IFRS.
3. From now on, the compliance requirements of Act and/or Accounting standards will prevail over schedule VI.
4. Better presentation, disclosure is intended to facilitate better organised data for users of financial statement.
nooruddin
(articled Assistant)
(97 Points)
Replied 20 June 2011
thanks for the link and updating......
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