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.

would like to inform you all that Schedule VI will be applicable from the year commencing April 1, 2011. Further, I am glad to inform you that till date 31, 093 no. of queries/complaints/grievances have been posted in the “e-Sahaayataa” portal out of which 30,820 no. of queries/complaints/grievances have been resolved & catered to. I enclosing herewith the examiners empanelment form for your ready reference and positively look forward to your contribution to the profession.

Whereas the Central Government in consultation with the National Advisory Committee on Accounting Standards framed the Companies (Accounting Standards), Rules, 2006 vide G.S.R. No. 739(E), dated the 7th December, 2006 and was subsequently amended vide notification numbering (i) G.S.R. 212(E), dated the 27th March, 2008 (ii) G.S.R. 225(E), dated the 31st March, 2009, in exercise of the powers conferred by clause (a) of sub-section (1) of section 642, read with sub-section (1) of section 210A and sub-section (3C) of section 211 of the Companies Act, 1956 (1 of 1956); Now, therefore, in exercise of the powers conferred by sub-section (1) of section 641 of the Companies Act, 1956 (1 of 1956), the Central Government hereby replace the existing Schedule VI to the said Act by the following Schedule VI, namely :-

NOTIFICATION [F. NO. 2/6/2008-C.L-V], DATED 30-3-2011. In exercise of the powers conferred by clause(a) of sub-section(1) of section 642 read with sub-section(1) of section 210A and sub-section (3C) of section 211 of the Companies Act,1956, (1 of 1956), the Central Government hereby makes the following amendment to paragraph 2 of the notification No.447(E) dated the 28th February, 2011:- “The notification shall come into force for the Balance Sheet and Profit and Loss Account to be prepared for the financial year commencing on or after 1.4.2011″.

The notification shall come into force for the Balance Sheet and Profit and Loss Account to be prepared for the financial year commencing on or after 1.4.2011.

Ministry of Corporate Affairs [MCA], Government of India, had 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. It was then mentioned that 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/

As you are aware, the Ministry of Corporate Affairs (MCA) had earlier announced on its website that the revised Schedule VI is applicable from the financial year 2010-11 onwards. On 25 March 2011, the MCA has changed this note on the website to state that the revised Schedule VI will apply from 1 April 2011. [...]

Major differences between the old and the new Sch VI. Applies to all companies following non-converged Indian Accounting Standards. No possibility of conflict between Accounting Standard and Schedule VI as on modification of accounting standards prescribed under the companies act, Schedule VI would stand modified accordingly