From: FCA Manish Iyer <cmanishiyer@gmail.com>
Date: Tue, Mar 1, 2011 at 5:15 PM
Dear All,
Highlights of Revised Schedule VI:
1. Applies to all companies following non-converged Indian Accounting Standards
2. 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
3. The disclosure requirement of revised Schedule VI are in addition to that required by Accounting Standards prescribed under the companies act
4. All disclosures required by Companies Act to be made in notes to accounts
5. Cross-referencing each line item with notes and vice versa required
6. Unit of measurement selected to used uniformly in financial statements
7. One year comparatives required
8. Classification of all assets and liabilities into current and non-current
9. Definition of current asset and current liability in line with converged Ind AS 1 or IAS 1
10. Nature and purpose of each reserve to be stated only for those aggregated under "Other Reserves"
11. Debit balance of Profit and Loss Account to be shown as negative figure in Surplus
12. Reserve and Surplus balance can be negative
13. Period and amount of continuing default as on the balance sheet date in repayment of loans and interest to be separately specified
14. Dividends proposed to be disclosed
15. Expenses in Statement of Profit and Loss to be classified based on nature of expenses
16. Gain / Loss on foreign currency transaction to be separated into finance costs and other expenses
17. Disclosure of quantitative details of goods diluted
Members are invited to express their views on the above point and any other points that they feel is significant.
Regards,
FCA Manish Iyer
+919825286903
Click here for PDF file containing detailed information:
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