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/
However, as per the information available from the website of the MCA on 26 March 2011, the revised Schedule VI will be effective from 1 April 2011.
This would mean that the companies will continue to prepare and present the financial statements for the year ended 31 March 2011 as per existing Schedule VI to the Companies Act, 1956.
The official notification amending the Schedule VI to the Companies Act, 1956 is still awaited.
