format as adopted by its parent's standalone, revised schedule VI is also applicable to revised Schedule VI presentation of Balance sheet and profit and loss. revised Schedule VI which lays down a new format for preparation and presentation of financial statements by Indian companies for financial years commencing. Old Schedule VI was operative from Outdated format for Balance Sheet replaced. Revised Schedule VI is a step towards convergence with. IFRS.
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The draft revised Schedule III to the Companies Act, for a company whose In Schedule III, before the heading General instructions for. Applicability of the Revised Schedule VI format to interim Financial the same format of Revised Schedule VI for submission to stock. The revised Schedule VI will apply to all the companies uniformly for the financial statements to be prepared for the financial year and.
Cancel Save. Rs crores or more ,lakhs millions or crores No Downloads. Changes in Balance Sheet Liabilities 1. Though the MCA has used two different terms, viz. Answer 1 Since the company does not have an unconditional right to defer the settlement of loan for at least 12 months after the reporting date,.
For example, a security deposit which is likely to be refunded after 10 years from the time of origination is likely to be classified as Loans and Advances and embedded in the Current Assets, Loans and Advances category which could potentially mislead a reader into thinking that all Loans and Advances are current assets.
The Ministry of Corporate Affairs MCA has issued revised Schedule VI which lays down a new format for preparation and presentation of financial statements by Indian companies for financial years commencing on or after 1 April It would be required to be reclassified depending on the nature of each such item. Some of the significant aspects of the: Rs crores or more ,lakhs millions or crores All assets and liabilities to be classified into current and non-current.
A liability shall be classified as current when it satisfies any: Payment period for trade payable is not deducted. Example 1.
A company has taken a loan which is repayable on demand , ,However based on the past experience it is not expected that the. Answer 1 Since the company does not have an unconditional right to defer the settlement of loan for at least 12 months after the reporting date,.
Example 2. Company B has taken a 5 year loan The loan contains certain ,. Current8 Sept.
Example 3: Employee benefit obligations in current and non-current categories. Answer 3 ,. Example 4 -Whether capital advances also need to be bifurcated between non. Hence should be classified as non current: Hence should be classified as non current 8 Sept. A manufacturing company with a normal operating cycle of 18 months gives a loan to a sister concern which is facing liquidity problem.
The loan is repayable 15 months after the reporting date. Answer 5: Giving of such loans is not a part of normal operating cycle of the company. Further, the loan is not held for the purpose of being traded, nor is it cash or cash equivalent. The loan should be classified as non- current. Example 5: Example 6. Company A is in the business of producing wines The manufacturing process entails the inventory to be stored in specified conditions for an extended period of time usually beyond ,twelve months so as to achieve the desired level of maturity.
Aggregate no and class of shares bought back for 5 years Money received against share warrants Any default that had occurred during the year and was subsequently made good before the end of the year is not required to be disclosed.
Amount due on account of goods purchased or service received in the normal course of the business. Though the MCA has used two different terms, viz. Others specify nature.
Other long term provision includes provision for warranties etc Such items may include dues payable in respect of statutory , ,obligations like contribution to PF purchases of fixed assets ,contractually reimbursable expenses interest accrued on trade ,.
Other long term provision includes provision for warranties etc All other assets shall be classified as non current II. All other assets shall be classified as non current Better presentation. From now on. Flag for inappropriate content. Related titles.
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