Company Law : We receive lost of questions regarding disclosure of Preliminary Expenses in Balance Sheet as per Revised Schedule VI. Every one h...
Company Law : With the emergence of multinational corporations and rapid increase in cross border transactions, it is essential that our financi...
Company Law : If the requirements of Company Act and/or Accounting Standards are different from that of Revised Schedule VI, what is the treatme...
Company Law : Key Features of Revised Schedule VI –Balance Sheet, Statement of Profit and Loss. Comparative analysis between Revised and old S...
Company Law : Companies now have to follow Vertical Format for presentation of financial statements; horizontal format is no longer permitted by...
CA, CS, CMA : Ministry of Corporate Affairs (MCA) has come out with an Exposure Draft on XBRL taxonomy for Commercial and Industrial (C&I) entit...
CA, CS, CMA : The Ministry of Corporate Affairs (MCA) has notified the Schedule VI (Revised) which is applicable in respect of Balance Sheet and...
Company Law : Guidance Note to the Revised Schedule VI to the Companies Act, 1956 1. Introduction1.1 Schedule VI to the Companies ...
Company Law : With the new reporting format, the taxonomy also needed to undergo a change. Accordingly, the new taxonomy, based on the Revised S...
CA, CS, CMA : would like to inform you all that Schedule VI will be applicable from the year commencing April 1, 2011. Further, I am glad to inf...
Company Law : 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...
Company Law : The notification shall come into force for the Balance Sheet and Profit and Loss Account to be prepared for the financial year co...
Company Law : Whereas the Central Government in consultation with the National Advisory Committee on Accounting Standards framed the Companies (...
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 :-
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.
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, removed / added certain disclosure requirements etc which in turn has impacted the financial reporting requirement for the Companies.
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 governance, ensuring financial transparency to the stakeholders of the company.
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 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.
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
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 and regulatory […]
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 based on shares held as on the balance sheet date.
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.
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 for any Commercial & Industrial companies.
