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Revise schdule vi

Ram kr. (Buisness) (883 Points)

09 March 2012

Dear Expert,

Is it compulsory for all assessee to apply revise schdule vi or some condition are applicable. Pl. explain.

Thanks

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CA Romil Shah (CA ) (669 Points)
Replied 09 March 2012

IT IS COMPULSORY FOR ALL KIND OF COMPANIES UNDER COMPANIES ACT TO FOLLOW REVISED SCHEDULE....

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Ram kr. (Buisness) (883 Points)
Replied 09 March 2012

According to icai notification it is applicable for listed and above 1000 crore net worth company in first phase.

Deepak Gupta (CA Student) (15922 Points)
Replied 09 March 2012

Originally posted by : Ram kr.
	According to icai notification it is applicable for listed and above 1000 crore net worth company in first phase.

It is concerned with filing of Balance Sheet and Profit and Loss Account in eXtensible Business Reporting Language( XBRL) mode.

(i) All companies listed in India and their subsidiaries, including overseas subsidiaries;

(ii) All companies having a paid up capital of Rs. 5 Crore and above or a Turnover of Rs 100 crore or above.

Attached File : 555789 945311 general circular no 092011.pdf downloaded: 212 times

Akhil Sharma (Service) (141 Points)
Replied 10 March 2012

(i) The revised Schedule VI will come into force for financial year commencing on or after 1 April 2011

(ii) The revised Schedule VI apply to all companies following Indian GAAP – until such companies are required to follow International Financial Reporting Standards converged Indian accounting standards.

(iii) However requirement of the revised schedule do not apply to Insurance and Banking Company and Companies which are engaged in the generation or supply of electricity;

(iv) For interim financial statements, listed Companies will continue to follow existing Schedule VI till Clause 41 is revised.

CA Ram (CA) (310 Points)
Replied 11 March 2012

i) The revised Schedule VI will come into force for financial year commencing on or after 1 April 2011

(iii) However requirement of the revised schedule do not apply to Insurance and Banking Company and Companies which are engaged in the generation or supply of electricity;

(iv) For interim financial statements, listed Companies will continue to follow existing Schedule VI till Clause 41 is revised.

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Ram kr. (Buisness) (883 Points)
Replied 11 March 2012

Dear Mr. Gupta ,

You have attached circular regarding xbrl form. I want to know regarding new revised schdule vi which is related to new proforma of profit & loss a/c and balance sheet.The revised Schedule VI apply to all companies following Indian GAAP – until such companies are required to follow International Financial Reporting Standards converged Indian accounting standards.Mr. Chandra can you provide latest notification regarding above line.