Hire an expert on revised schedule vi to guide company's officials on various ticklish issues like classification of assets and liabilities into current and non current to draw a detailed roadmap in consultation with the expert. This file was forwarded to me by one of my friends this excel template containing balance sheet, profit & loss account in revised schedule vi format with auditors report, director report, tax aduit report form 3cd and annexures, annual return of mca all containing automatic formulas is really wonderful. The revised schedule vi introduces some significant conceptual changes primacy to the requirements of the accounting standards the implications of the revised schedule vi are varied and are expected to present a large number of implementation issues.
Schedule vi (see section 211) general insturctions for preparation of balance sheet and statement of profit and loss of a company in addition to the notes incorporated above the heading of balance. Revised schedule virepresentation earlier schedule virepresentation debit balance in the profit & loss account is to be adjusted with values shown under the surplus headin case the value under surplus is still negative, this needs to be adjusted with the balance against reserves and surplus. However a close analysis of the form, content and terminology of revised schedule vi is concerned, concept has been imparted from indian accounting standard (ind as), approved by ministry of corporate affairs without announcing applicability date.
Revised schedule vi reference book 1 financial statements - revised schedule vi the revised schedule vi reports are a recent requirement for all registered companies to. So enhancement of the sap for end user based on requirement of revised schedule vi is a challenge to any consultant revised schedule vi schedule vi to the companies act, 1956 ('the act') provides the manner in which every company registered under the act shall prepare its balance sheet, statement of profit and loss and notes thereto. Exposure draft of the guidance note to revised schedule vi: if a debenture is to be redeemed partly within 12 months and balance after 12 months, the amount to be redeemed within 12 months should be disclosed as current and. Schedule vi of the companies act, 1956(revised) the revised schedule vi has been framed as per the existing non-converged indian accounting standards notified under the companies (accounting standards), rules, 2006.
2 • revised schedule vi has been framed as per the existing non-converged indian accounting standards and has nothing to do with the converged indian accounting standards. Â this revised schedule vi by dr t p ghosh workshop has been designed to address all relevant issues relating to presentation of financial statements in the new schedule vi format â in case analysis mode it will also cover critical review of the financial statements of various companies like reliance , bajaj auto, hindustan unilever , itc.
Revised schedule vi lays a multi-step format for p/l account classification of assets, liabilities and provisions is based on long-term and short-term provisions - significant change. The revised schedule vi provides that in the 'statement of profit and loss', the head other income includes interest income under which interest from customers on amounts overdue is specifically included. The revised schedule vi is applicable to companies following indian gaap (and not ind-as) though a formal circular/official notification regarding the revised schedule vi is still awaited, the mca website states that it is applicable from the financial year 2010-11 onwards.
Revised schedule vi - an analysis with the emergence of multinationalcorporations and rapid increase in cross bordertransactions, it is essential that our financialstatements speak the global language for attractingforeign funds into india. Revised schedule vi however, do not apply to companies as referred to in the proviso to section 211 (1) and section 211 (2) of the act, ie, any insurance or banking company, or any company engaged in the generation or supply of electricity or to any other class of. The revised schedule vi requires that if compliance with the requirements of the act and/ or accounting standards requires a change in the treatment or disclosure in the financial statements, the requirements of the act and/ or accounting standards will prevail over the schedule vi.
Withdrawal of the announcement issued by the council on 'treatment of exchange differences under accounting standard (as) 11 (revised 2003), the effects of changes in foreign exchange rates vis-à-vis schedule vi to the companies act, 1956. The revised schedule vi has been framed as per the existing non-converged indian accounting standards notified under the companies (accounting standards), rules, 2006 and has no connection with the converged indian accounting standards. Financialstatements ie the revised schedule vi half yearly and quarterly reporting - clause 41 (sebi's circular dated 16 april 2012, cir/cfd/dil/4/2012) has prescribed a specific format.
Revised schedule vi requires disclosure of the amount of dividends proposed to be distributed to equity and preference shareholders for the period and the related amount per share to be disclosed separately. Revised schedule vi is a step towards convergence with ifrs based on ias1 or indas 1 revised format applicable for financial year commencing from 1 st april, 2011. • as per revised schedule vi, any item of income or expense which exceeds one per cent of the revenue from operations or 100,000 (earlier 1 % of total revenue or rs 5,000), whichever rs is higher, needs to be disclosed separately. 1 revised schedule vi - applicable to small companies impact seminar icai, bangalore april 18 2012 सुख दुख स ेकृत्वा ल अल ो ज अज ौ .