Revised schedule VI

How to Disclose Preliminary Expenses in Revised Schedule VI

Company Law - We receive lost of questions regarding disclosure of Preliminary Expenses in Balance Sheet as per Revised Schedule VI. Every one have different opinion on how to disclose the same in revised schedule VI. In our view Miscellaneous / Preliminary Expenditure should be disclosed as follows in revised schedule VI :-...

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Revised Schedule VI – An Analysis

Company Law - With the emergence of multinational corporations and rapid increase in cross border transactions, it is essential that our financial statements speak the global language for attracting foreign funds into India. Internationally, the observance of universally accepted reporting norms is perceived as an important measure of good corporate go...

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Revised Schedule VI – Normally Asked Questions

Company Law - If the requirements of Company Act and/or Accounting Standards are different from that of Revised Schedule VI, what is the treatment to be given? If requirements of a regulatory authority like RBI are different from that of Revised Schedule VI, what treatment should be given? Para 4.1.1 of the Revised Schedule VI necessitates that if com...

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Revised Schedule VI – Key Features, Comparative analysis & Format

Company Law - Key Features of Revised Schedule VI –Balance Sheet, Statement of Profit and Loss. Comparative analysis between Revised and old Schedule VI & Format of Revised Schedule VI ...

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Major Changes in Revised / New Schedule VI

Company Law - Companies now have to follow Vertical Format for presentation of financial statements; horizontal format is no longer permitted by Revised Sch-VI. The Schedule No. as required earlier has been replaced with Note No. Number of shares held by each shareholder holding more than 5% shares now needs to be disclosed. Such information will be ba...

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View Solicited on MCA Exposure Draft on XBRL Taxonomy based on Revised Schedule VI

Company Law - Ministry of Corporate Affairs (MCA) has come out with an Exposure Draft on XBRL taxonomy for Commercial and Industrial (C&I) entities for filing their Balance Sheet and Profit and Loss Account for the financial year 2011-12 based on Revised Schedule VI....

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ICAI requests CBDT to review the ITR forms vis-à-vis Revised Schedule VI

Company Law - The Ministry of Corporate Affairs (MCA) has notified the Schedule VI (Revised) which is applicable in respect of Balance Sheet and Profit and Loss Account prepared for the financial year commencing on or after 1.4.2011. The Revised Schedule VI had changed the nomenclature of certain items, modified the present classification of accounts, ...

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Draft Guidance Note on Revised Schedule VI

Company Law - Guidance Note to the Revised Schedule VI to the Companies Act, 1956 1.        Introduction1.1 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. In the light of various economic an...

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Exposure Draft of General Purpose Financial Reporting XBRL Taxonomy Based on Revised Schedule VI for Commercial and Industrial Companies

Company Law - With the new reporting format, the taxonomy also needed to undergo a change. Accordingly, the new taxonomy, based on the Revised Schedule VI requirements, for the Commercial & Industrial (C&I) companies has been developed by ICAI. The new taxonomy is a general purpose taxonomy capable of being used for filing annual financial statements f...

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Empanelment form for examiners – Revised and ICAI President Message

Company Law - 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...

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New Schedule VI – New Balance Sheet and Profit and Loss A/c format applicable from F.Y. 2011-12

F. No. 2/6/2008-C.L-V - (30/03/2011) - 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...

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Revised Schedule VI to Companies Act,1956 applicable from 1 April 2011

Notification No. S.O. 653(E) - (30/03/2011) - 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....

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Company Law – Section 641 of the Companies Act, 1956 – Schedules, forms and rules – Power to alter Schedules – Replacement of existing Schedule VI by new Schedule VI with effect from 1-4-2011

Notification No. S.O. 447(E) - (28/02/2011) - 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 ...

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Recent Posts in "Revised schedule VI"

How to Disclose Preliminary Expenses in Revised Schedule VI

We receive lost of questions regarding disclosure of Preliminary Expenses in Balance Sheet as per Revised Schedule VI. Every one have different opinion on how to disclose the same in revised schedule VI. In our view Miscellaneous / Preliminary Expenditure should be disclosed as follows in revised schedule VI :-...

Read More

View Solicited on MCA Exposure Draft on XBRL Taxonomy based on Revised Schedule VI

Ministry of Corporate Affairs (MCA) has come out with an Exposure Draft on XBRL taxonomy for Commercial and Industrial (C&I) entities for filing their Balance Sheet and Profit and Loss Account for the financial year 2011-12 based on Revised Schedule VI....

Read More
Posted Under: Company Law |

ICAI requests CBDT to review the ITR forms vis-à-vis Revised Schedule VI

The Ministry of Corporate Affairs (MCA) has notified the Schedule VI (Revised) which is applicable in respect of Balance Sheet and Profit and Loss Account prepared for the financial year commencing on or after 1.4.2011. The Revised Schedule VI had changed the nomenclature of certain items, modified the present classification of accounts, ...

Read More
Posted Under: Company Law |

Revised Schedule VI – An Analysis

With the emergence of multinational corporations and rapid increase in cross border transactions, it is essential that our financial statements speak the global language for attracting foreign funds into India. Internationally, the observance of universally accepted reporting norms is perceived as an important measure of good corporate go...

Read More
Posted Under: Company Law |

Revised Schedule VI – Normally Asked Questions

If the requirements of Company Act and/or Accounting Standards are different from that of Revised Schedule VI, what is the treatment to be given? If requirements of a regulatory authority like RBI are different from that of Revised Schedule VI, what treatment should be given? Para 4.1.1 of the Revised Schedule VI necessitates that if com...

Read More

Revised Schedule VI – Key Features, Comparative analysis & Format

Key Features of Revised Schedule VI –Balance Sheet, Statement of Profit and Loss. Comparative analysis between Revised and old Schedule VI & Format of Revised Schedule VI ...

Read More

Draft Guidance Note on Revised Schedule VI

Guidance Note to the Revised Schedule VI to the Companies Act, 1956 1.        Introduction1.1 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. In the light of various economic an...

Read More
Posted Under: Company Law |

Major Changes in Revised / New Schedule VI

Companies now have to follow Vertical Format for presentation of financial statements; horizontal format is no longer permitted by Revised Sch-VI. The Schedule No. as required earlier has been replaced with Note No. Number of shares held by each shareholder holding more than 5% shares now needs to be disclosed. Such information will be ba...

Read More

New Schedule VI In Excel with B/S, P/L, Notes, Disclosures, Comparison with Old

As per the Government Notification no. F.No.2/6/2008-C.L-V dated 30-3-2011, the Revised Schedule VI is applicable for the Balance Sheet and Profit and Loss Account to be prepared for the financial year commencing on or after April 1, 2011....

Read More

Exposure Draft of General Purpose Financial Reporting XBRL Taxonomy Based on Revised Schedule VI for Commercial and Industrial Companies

With the new reporting format, the taxonomy also needed to undergo a change. Accordingly, the new taxonomy, based on the Revised Schedule VI requirements, for the Commercial & Industrial (C&I) companies has been developed by ICAI. The new taxonomy is a general purpose taxonomy capable of being used for filing annual financial statements f...

Read More
Posted Under: Company Law |
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