How Minority Interest shall be presented in Consolidated Balance Sheet as per Revised Schedule VI to Companies Act,1956?
14 Replies
CA Pooja Agarwal
(Chartered Accountant)
(3228 Points)
Replied 03 October 2012
good question..give me some time
CA Pooja Agarwal
(Chartered Accountant)
(3228 Points)
Replied 03 October 2012
it is shown as a separate item after shareholders fund
CA Lokesh Pokharna
(CA (Ahmedabad Bhilwara Chittorgarh))
(4128 Points)
Replied 03 October 2012
as a component of equity......
CA Pooja Agarwal
(Chartered Accountant)
(3228 Points)
Replied 03 October 2012
minority interest is not a part of equity
CA Lokesh Pokharna
(CA (Ahmedabad Bhilwara Chittorgarh))
(4128 Points)
Replied 03 October 2012
why not? actually MI are outside holders, but they are equity holders.. they are component of equity & disclosure in rev. sch 6 also in line.
CA Pooja Agarwal
(Chartered Accountant)
(3228 Points)
Replied 03 October 2012
it is a separate item shown after shareholders fund
CA Pooja Agarwal
(Chartered Accountant)
(3228 Points)
Replied 03 October 2012
they are holders of equity shares but of subsidiary company
CA Lokesh Pokharna
(CA (Ahmedabad Bhilwara Chittorgarh))
(4128 Points)
Replied 03 October 2012
pls read for more info...
CA Manish
(Job)
(5264 Points)
Replied 03 October 2012
The Schedule VI of the Cmpanies Act deals only with the Standalone Financial Statement of the Co. Therefore Schedule Vi does not provide any place for showing Minority Interest. As per AS 21 MI should be shown as a seperate item in the Balance Sheet.
CA Lokesh Pokharna
(CA (Ahmedabad Bhilwara Chittorgarh))
(4128 Points)
Replied 04 October 2012
| Originally posted by : CA Manish Malu | ||
 |
The Schedule VI of the Cmpanies Act deals only with the Standalone Financial Statement of the Co. Therefore Schedule Vi does not provide any place for showing Minority Interest. As per AS 21 MI should be shown as a seperate item in the Balance Sheet. |
 |
Rev. sch VI is sailent to its applicability to CFS, but as per as 21 WHICH REQUIRES CFS to be prepared in the format which adopted in its parent standalone
so conclusion is that Rev sch VI also applicable to VI CFS.
CA Pooja Agarwal
(Chartered Accountant)
(3228 Points)
Replied 04 October 2012
as per revised schedule VI, AS overrides provisions in Schedule VI..hence minority interest should be shown as separte line item only
CA Lokesh Pokharna
(CA (Ahmedabad Bhilwara Chittorgarh))
(4128 Points)
Replied 04 October 2012
| Originally posted by : pooja | ||
|
|
as per revised schedule VI, AS overrides provisions in Schedule VI..hence minority interest should be shown as separte line item only |
|
& also As per AS 21, WHICH REQUIRES CFS to be prepared in the format which adopted in its parent standalone
so its s big conflict , we have to look actual balance sheet of listed companies , it will remove all confusion ...
Ashwani Narnoli
(.)
(1843 Points)
Replied 04 October 2012
In practise manual it is goven as separate item after shareholders fund
Vineet Aggarwal
(Article Assistant)
(144 Points)
Replied 05 October 2012
Hiiii Manoj....
Minority Interest will be shown under Shareholder Fund as per revised schedule iv
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