Revised Schedule VI in Excel Format – Balance Sheet, Profit Loss A/c, Notes
- Tuesday, April 3, 2012, 9:25
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Form and contents of Balance sheet and Profit & Loss Account of a company under Schedule VI to the Companies Act, 1956 revised.
Ministry of Corporate Affairs [MCA], Government of India, has on 3 March 2011, hosted on its website, the revised Schedule VI to the Companies Act, 1956 which deals with the Form of Balance sheet, Profit & Loss Account and disclosures to be made therein.
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.
The revised Schedule VI will apply to all the companies uniformly for the financial statements to be prepared for the financial year 2010-11 and onwards. The text of the revised Schedule VI is available at http://www.mca.gov.in/ .
The official notification amending the Schedule VI to the Companies Act, 1956 is still awaited.
Related posts:
- New Schedule VI – New Balance Sheet and Profit and Loss A/c format applicable from F.Y. 2011-12
- Section 211 of the Companies Act, 1956 – Accounts – Form and contents of balance-sheet and profit and loss account – Exemption under section 211 to certain classes of companies from making disclosure of certain information in their profit & loss account
- MCA issues corrigendum on filing of Balance Sheet and Profit & Loss Account in extensible Business Reporting Language (XBRL) mode
- Filing of Balance Sheet and Profit and Loss Account in eXtensible Business Reporting Language (XBRL) mode
- Corrigendum to Circular no. 09/2011 dated 31.03.2011 related to Filing of Balance Sheet and Profit and Loss Account in XBRL mode
appreciable well done after long battling.we as a processional and auditors to look after all sections of stake holders . Our respected President’ s ( CA.G.Ragaswamy ) directed us and remarked as ” we will be gate keeper of financial sector ” .we must try our best to delivered the goods efficiently, honestly as we are doing since past several years with our fear and favour.Our interest should be protected by the appropriate authorities .
CA.Subhash Chandra Podder
Chartered Accountant
C/o S.C.Podder & Associates
03/03/2011
more comments will follow after going through the forms and notes there in minutely at my own time.
CA.Subhash Chandra Podder
Chartered Accountant
C/o S.C.Podder & Associates
03/03/2011
Can any one provide the Circular/Notification No. and Date of the Circular / Notification through which the Schedule has been revised.
Sir,
I have gone through the revised schedule-VI, it is detailed which is necessary to regulate the financial discipline in the business organisation. Let wait for sometime, see the reaction of Indian businessmen. New schedule will reduce the scope of manipulation underwhich they prefer to present or disclose information to various stakeholders especially Bank, IT. With proper disclosure,lot of things will come to light and may pose many problem of the many stakeholders also for the existing cases. Hence, implementation have to be judicial with practical approach.
We chartered Accountants also to be geared up for the expected challenge due to ovious reasons. Sorry to state that even to day, lot of accounts are drwan and signed without compling the existing schedule or AS. Institute have to take posative steps for equipting the members to avoid consequences.As the time is short, It is my request to the member, please gear up properlly.
Regards
CA.S.N.Banerjee
Cna you please provide the synopsis of changes in Schedule VI
Can you please tell me the no. of official notification which makes the new schedule VI mandatory.
While revised Schedule VI will reflect more correct picture (refrained from stating’ true and fair view’ which is more cosmetic expression)of an organisation, the definition of each items are not clearly defined. Say, whether VAT credit is short term or long term knowing that it will never be returned by revenue department and adjustments are made atleast two years doen the line.
P & L format is full of confusion. Whether Managerial and other administrative expenses are part of ‘cost of material consumed’? Again, emploee benefit expenses has been shown seperately to know how much % a company spends on welfare, but in practice these items are part of wages given to workers on the basis of several agreements and are essentially part of ‘cost of material consumed’. There is no scope for reflecting Administrative, sales and marketing expenses, which are significant, in the P & L format. An item named ‘other expenses’ below depreciation appears to be the right place to show these expenses. Last but not least, to accomodate financial performance during ‘discontinued period’ which is a small percentage of total organisations a number of rows from XI to XV inserted unnecessarily which could have been accommodated as a note for the companies where applicable. There are so many other points on P L format, which suggests that P L format could have been postponed for atleast two more years to see the result on revised schedule VI and then impose.
Further to my comment dated 03/03/11 , we the professionals should appreciate the efforts has been by the Ministry of corporate Affairs to bring out the Form in schedule VI of the Companies Act ( amended bill 2011 ), though i have yet gone through the details minutely yet apparently i have seen the Schedules of financial statements which make me to feel that the new financial statements are very good . all the financial transactions will be bought to the notice of all the stake holders . conventional statements of balance sheet and profit and loss account, has been replaced by the new form . It is a good financial presentation. I am happy to report on this new format. My sincere thanks to all of them those who are responsible to bringing this format.As a practitioner as a Chartered Accountant i am very much glad.
Thanks & Regards.
CA.Subhash Chandra Podder
C/O S.C.podder & Associates
Chartered Accountants.
09433008778
kolkata
dated 22/03/2011.
Did u get any update on Schedule VI?
What about the previous year balances of profit & loss a/c to be shown in the profit & loss a/c? Also need clarification about the tax expenses whether to be deducted or not?
Revised Schedule VI IS more benificial for us . Many wrong disclosure is avoided like prefrance share capital which is now shown as debt with the help of IFRS
recently a ppt presentation on sch-vi (revised)was presented by CA s sampath.After his deliberation it is confirmed that new format is more scintific than earler.However there are some points on which argumnets should required.
We appreciate the working doing on the Format of Revised Schedule VI
We are very thankful for this
This changes is some adjustment in perivious format all exp more then 5000/ is mentioned seprate head in p&l this possibilities we need to follow in feature . Should provide some of the document at the time of audit fair view report submission. it may be revised in feature it may be confirm of report accuracy.in audit point of view this revised is good
Introduction of new format under Schedule VI no doubt a welcome step in tune with the changes in the global accounting. But the format in many areas reveal an incomplete composition and raises many questions as how to present a particular item under which head. Interpretations lead to different presentation formats by the corporates and eventually, uniformity which is the intention of the govt could not be achieved. Thread bare discussion with ICAI is very much required by the govt to plug loose ends.
Please rectify the statements uploaded to the effect that there is no concept of schedule as per Revised Schedule VI. Instead, there is notes to accounts and all disaggregation of all items on the face of Balance Sheet and Statement of Profit & Loss need to be cross referenced to Notes. Additional information also need to be disclosed in Notes to Accounts. Previously disaggregation of all line items was required to be stated in Schedule and additional information in Notes on Accounts coupled by statement of accounting policies. Now all these information, both quantitative and narrative, need to be disclosed in Notes on Accounts
Dear all papmpered professionals, it will be in interest of user of financial statement if financial informations are presented in most appropriate format..revised format is not so much appropriate..and dear so called professional fraternity, pls do not post comments like blind..it has been very old and pampered habits of yours….
Dear all pampered professionals, it will be in interest of user of financial statement if financial informations are presented in most appropriate format..revised format is not so much appropriate..and dear so called professional fraternity, pls do not post comments like blind..it has been very old and pampered habits of yours….
Thanks Dear