Post on 04-Apr-2018
7/30/2019 330498 1002635 Comparison Between Old and New Schedule Vi
1/43
A Practical Guide to ev se c e u e
Comparison: Old and New Schedule VI
2012 Authors
All rights reserved. No part of this work covered by thecopyright owners may be reproduced or copied in anyform or by any means (graphic, electronic or mechanical,including photocopying, recording, recording taping, or
2012 AuthorsA Practical Guide to Revised Schedule VI
by Sanjeev Singhal & R. Sankaraiah
n orma on re r eva sys ems w ou e wr enpermission of the publisher and copyright owners.
7/30/2019 330498 1002635 Comparison Between Old and New Schedule Vi
2/43
A Practical Guide to Revised Schedule VI
1. IntroductionQuick Links
1. Comparison between
Old
and
Revised
Schedule VI: Synopsis
. revised Schedule VI
.
of Schedule VI
3. Additional disclosure requirements
spec e un er rev se c e u e
4. Disclosure req. dispensed with under
revised Schedule VI
5. Presentation of disclosures has undergone
change under revised Schedule VI
2012 AuthorsA Practical Guide to Revised Schedule VI
by Sanjeev Singhal & R. Sankaraiah
7/30/2019 330498 1002635 Comparison Between Old and New Schedule Vi
3/43
Introduction
Schedule VI notified by as per Notification No.653 (E) dated March 30, 2011 hascome into force for the Balance Sheet and Profit and Loss Account to be preparedfor the financial year commencing on or after 1 42011 in accordance with oldaccounting standards.
With this reform in accounting world, now the financial transactions will be
brought to the notice of all the stake holders in a better presentation broadly inline with international resentation as com ared to conventional statements of balance sheet and profit and loss account in old Schedule VI.
This presentation is developed to give the user a basic comparison between old
and revised Schedule VI.
2012 AuthorsA Practical Guide to Revised Schedule VI
by Sanjeev Singhal & R. Sankaraiah
HOME
7/30/2019 330498 1002635 Comparison Between Old and New Schedule Vi
4/43
Comparison between old and revised
Schedule VI
2012 AuthorsA Practical Guide to Revised Schedule VI
by Sanjeev Singhal & R. Sankaraiah
HOME
7/30/2019 330498 1002635 Comparison Between Old and New Schedule Vi
5/43
Comparison old and revised content of Schedule VI
Synopsis:
Major differences between old and new Schedule VI
or additional disclosure requirements have been specified
requirements have been dispensed with in the revised Schedule VI
change in the revised Schedule VI
2012 AuthorsA Practical Guide to Revised Schedule VI
by Sanjeev Singhal & R. Sankaraiah
HOME
7/30/2019 330498 1002635 Comparison Between Old and New Schedule Vi
6/43
Major differences: Old and revised
Schedule VI
2012 AuthorsA Practical Guide to Revised Schedule VI
by Sanjeev Singhal & R. Sankaraiah
HOME
7/30/2019 330498 1002635 Comparison Between Old and New Schedule Vi
7/43
Comparison old and revised content of Schedule VI
Major Differences: Parameters
Old Schedule VI New Schedule VI
Comprised of :Part 1: Balance Sheet
Comprises of: Part 3: InterpretationsPart 4: B/S Abstract and Companys General Business
Part 1: Balance SheetPart 2: Statement of Profit and Loss
Profile
Major Major Difference Difference ParametersParameters
2012 AuthorsA Practical Guide to Revised Schedule VI
by Sanjeev Singhal & R. Sankaraiah
HOME
7/30/2019 330498 1002635 Comparison Between Old and New Schedule Vi
8/43
Comparison old and revised content of Schedule VI
Major Differences: Parameters
Old Schedule VI New Schedule VI
It addresses the issue by clearly providing
whether the Schedule VI overrides the accounting standards.
that the accounting standards will override Schedule VI. Thus AS prevail over Schedule VI.
Major Major Difference Difference ParametersParameters
2012 AuthorsA Practical Guide to Revised Schedule VI
by Sanjeev Singhal & R. Sankaraiah
7/30/2019 330498 1002635 Comparison Between Old and New Schedule Vi
9/43
Comparison old and revised content of Schedule VI
Major Differences: Parameters
Old Schedule VI New Schedule VI
Both horizontal and vertical format permitted.
Only vertical format permissible.
Major Major Difference Difference ParametersParameters
2012 AuthorsA Practical Guide to Revised Schedule VI
by Sanjeev Singhal & R. Sankaraiah
7/30/2019 330498 1002635 Comparison Between Old and New Schedule Vi
10/43
Comparison old and revised content of Schedule VI
Major Differences: Parameters
Old Schedule VI New Schedule VI
Format of Profit and Loss account is
No prescribed format for Profit and Loss
Account. Only prescribed.
requirements were specified.
Major Major Difference Difference ParametersParameters
2012 AuthorsA Practical Guide to Revised Schedule VI
by Sanjeev Singhal & R. Sankaraiah
7/30/2019 330498 1002635 Comparison Between Old and New Schedule Vi
11/43
Comparison old and revised content of Schedule VI
Major Differences: Parameters
Old Schedule VI New Schedule VI
Guidance on presentation of notes to accounts given in addition to information presented in the financial statements. It shall provide wherever
presentation of notes to the accounts.
required;(a) narrative descriptions or disaggregations of items recognised in
Major Major Difference Difference ParametersParameters
information about items that do not qualify for recognition in those statements.
2012 AuthorsA Practical Guide to Revised Schedule VI
by Sanjeev Singhal & R. Sankaraiah
7/30/2019 330498 1002635 Comparison Between Old and New Schedule Vi
12/43
requirements specified as per revised
2012 AuthorsA Practical Guide to Revised Schedule VI
by Sanjeev Singhal & R. Sankaraiah
HOME
7/30/2019 330498 1002635 Comparison Between Old and New Schedule Vi
13/43
7/30/2019 330498 1002635 Comparison Between Old and New Schedule Vi
14/43
Comparison old and revised content of Schedule VI
Share application
money pending allotment
Borrowings Bonds &
DebenturesFixed assets
Intangible assets
Cash and cash equivalentsShareholders
funds
Current & Non current classification
Item Old Schedule VI Revised Schedule VIDisclosure of reconciliation of no. of shares outstanding atbeginning and end of reporting period
Not requiredSeparate disclosure required for each class of share capital
Disclosure of rights, preferences and restrictions attaching to each class of shares including restrictions on distribution of dividends and repayment of capital
Not requiredSeparate disclosure required for each class of share capital
Disclosure of
shares
in
company
held
by
each
shareholder
holding more than 5 % shares specifying no. of shares Not required Separate disclosure required for
held
Calls unpaidCalls unpaid by directors to be disclosed
Calls unpaid (showing aggregate value of calls unpaid by directors and officers) to be disclosed
and contracts /commitments for sale of shares/ disinvestment, including terms and amounts
option on unissued share capital to be disclosed
Separate disclosure
required
for
each class of share capital
Share options outstanding No guidanceRequires separate disclosure under head Reserves and Surplus.
2012 AuthorsA Practical Guide to Revised Schedule VI
by Sanjeev Singhal & R. Sankaraiah
Money received against share warrants No guidanceSeparate disclosure required in B S under head Shareholders Funds.
7/30/2019 330498 1002635 Comparison Between Old and New Schedule Vi
15/43
Comparison old and revised content of Schedule VI
Shareholders funds Borrowings
Bonds & Debentures
Fixed assets
Intangible assets
Cash and cash equivalents
Current & Non current classification
Share application
money pending
Item Old Schedule VI Revised Schedule VIShare application money pending allotment (not due for refund) is to be shown as a separate line
Share application money pending allotment No guidance item in B S. This item to be disclosed as a separate head between Shareholders Funds and Non Current Liabilities
2012 AuthorsA Practical Guide to Revised Schedule VI
by Sanjeev Singhal & R. Sankaraiah
7/30/2019 330498 1002635 Comparison Between Old and New Schedule Vi
16/43
Comparison old and revised content of Schedule VI
Shareholders funds
Share application
money pending allotment
Borrowings Bonds &
DebenturesFixed assets
Intangible assets
Cash and cash equivalents
Current & Non current classification
Item Old Schedule VI Revised Schedule VIRequired.A liability is classified as current when it satisfies any of the following criteria:
Current and non current classification of liabilities
Not required
(a) it is expected to be settled in companys normal operating cycle;
(b) it is held primarily for the purpose of being traded;
(c) it is due to be settled within twelve months after the reporting date; or
(d) company does not have an unconditional right to defer settlement of liability for at least12 months after re ortin date.
All other liabilities are classified as non current.
Current and non
Requires a clear bifurcation of assets into current and non current.An asset is classified as current when it satisfies any of the following criteria:
(a) it is expected to be realized in, or is intended for sale or consumption in, companys
current classification of assets
equ res current assets an loans and advances to be shown separately.
norma operating cyc e;
(b) it is held primarily for the purpose of being traded;
(c) it is expected to be realized within 12 months after reporting date; or
(d) it is cash or cash equivalent unless it is restricted from being exchanged or used to settle a liability for at least 12 months after reporting date.
2012 AuthorsA Practical Guide to Revised Schedule VI
by Sanjeev Singhal & R. Sankaraiah
All other assets are classified as non current.
7/30/2019 330498 1002635 Comparison Between Old and New Schedule Vi
17/43
Comparison old and revised content of Schedule VI
Shareholders funds
Share application
money pending allotment
Current & Non current classification
Bonds & Debentures
Fixed assets
Intangible assets
Cash and cash equivalentsBorrowings
Item Old Schedule VI Revised Schedule VI
Disclosure of defaults in case of borrowings
Not required
Required.
To be specified separately in each case of both Long and Short termborrowings for period and amount of continuing default as on the B/S date in
repayment of loans and interest.
Loans and advances from related parties
Separate classification not required
Required. Separate classification under head Long term borrowings or Shortterm, borrowings, as the case may be
2012 AuthorsA Practical Guide to Revised Schedule VI
by Sanjeev Singhal & R. Sankaraiah
7/30/2019 330498 1002635 Comparison Between Old and New Schedule Vi
18/43
Comparison old and revised content of Schedule VI
Shareholders funds
Share application
money pending allotment
Current & Non current classification
Borrowings Fixed
assetsIntangible
assetsCash and cash
equivalentsBonds &
Debentures
Item Old Schedule VI Revised Schedule VI
Bonds/debentures (along with ROI and particulars of redemption
Bonds/debentures (along with ROI and particulars of redemption or conversion)
Not required
,descending order of maturity or conversion, starting from farthestredemption or conversion date, as the case may be. Wherebonds/debentures are redeemable by instalments, maturity dateis the first instalment date becomes due.
2012 AuthorsA Practical Guide to Revised Schedule VI
by Sanjeev Singhal & R. Sankaraiah
7/30/2019 330498 1002635 Comparison Between Old and New Schedule Vi
19/43
Comparison old and revised content of Schedule VI
Shareholders funds
Share application
money pending allotment
Current & Non current classification
Borrowings Bonds &
DebenturesIntangible
assetsCash and cash
equivalentsFixed
assets
Item Old Schedule VI Revised Schedule VI
sc osure o mpac o acqu s ons roug us ness combinations and impairment (or reversal thereof)
Not required Required
2012 AuthorsA Practical Guide to Revised Schedule VI
by Sanjeev Singhal & R. Sankaraiah
7/30/2019 330498 1002635 Comparison Between Old and New Schedule Vi
20/43
Comparison old and revised content of Schedule VI
Shareholders funds
Share application
money pending allotment
Current & Non current classification
Borrowings Bonds &
DebenturesFixed assets
Cash and cash equivalentsIntangible
assets
Item Old Schedule VI Revised Schedule VIIntangible assets to be classified as under:
(a) Goodwill.
Classification of
intangible No guidance on classification
(b) Brands /trademarks.
(c) Computer software.
(d) Mastheads and publishing titles.
(e) Mining rights.
assetso ntang e assets (f) Copyrights, and patents and other intellectual property rights, services and
operating rights.
(g) Recipes, formulae, models, designs and prototypes.
(h) Licenses and franchise.
.
2012 AuthorsA Practical Guide to Revised Schedule VI
by Sanjeev Singhal & R. Sankaraiah
7/30/2019 330498 1002635 Comparison Between Old and New Schedule Vi
21/43
Comparison old and revised content of Schedule VI
Shareholders funds
Share application
money pending allotment
Current & Non current classification
Borrowings Bonds &
DebenturesFixed assets
Intangible assets
Cash and cash
equivalents
Item Old Schedule VI Revised Schedule VI
sc osure o c eques an ra s on an o requ re equ re
Separate disclosure of bank balances with Not required Required
Separate disclosure of repatriation restrictions
Not required Required
2012 AuthorsA Practical Guide to Revised Schedule VI
by Sanjeev Singhal & R. Sankaraiah
7/30/2019 330498 1002635 Comparison Between Old and New Schedule Vi
22/43
Areas where disclosure requirements
dispensed with
in
revised
Schedule
VI
2012 AuthorsA Practical Guide to Revised Schedule VI
by Sanjeev Singhal & R. Sankaraiah
HOME
7/30/2019 330498 1002635 Comparison Between Old and New Schedule Vi
23/43
Comparison old and revised content of Schedule VI
Areas where disclosure requirements dispensed with in revised Schedule VI
Shareholders Shareholders fundsfunds
TurnoverTurnover Income from Income from investmentinvestment
Cash & cash Cash & cash e uivalentse uivalents
Interest Interest IncomeIncome
TDSTDS
Opening and Opening and closing stock of closing stock of
goodsgoodsQuantitative Quantitative informationinformation Share capital Share capital and loansand loans
DepreciationDepreciation Dues from Dues from directors, directors, other officers, other officers, companies under same managementcompanies under same management
2012 AuthorsA Practical Guide to Revised Schedule VI
by Sanjeev Singhal & R. Sankaraiah
HOME
7/30/2019 330498 1002635 Comparison Between Old and New Schedule Vi
24/43
Comparison old and revised content of Schedule VI
Shareholders Shareholders fundsfunds
TurnoverTurnover Income from Income from investmentinvestment
Cash & cash Cash & cash e uivalentse uivalents
Interest Interest IncomeIncome
TDSTDS
Areas where disclosure requirements dispensed with in revised Schedule VI
Sources from which bonus shares are issued Required Not requiredDisclosure of utilisation of securities premium amount Required Not required
Opening and Opening and closing stock of closing stock of
goodsgoodsQuantitative Quantitative informationinformation Share capital Share capital and loansand loans
DepreciationDepreciation Dues from Dues from directors, directors, other officers, other officers, companies under same managementcompanies under same management
2012 AuthorsA Practical Guide to Revised Schedule VI
by Sanjeev Singhal & R. Sankaraiah
7/30/2019 330498 1002635 Comparison Between Old and New Schedule Vi
25/43
Comparison old and revised content of Schedule VI
Shareholders Shareholders fundsfunds
TurnoverTurnover Income from Income from investmentinvestment
Cash & cash Cash & cash e uivalentse uivalents
Interest Interest IncomeIncome
TDSTDS
Areas where disclosure requirements dispensed with in revised Schedule VI
Break up of turnover quantities and amounts in respect of each class of goods
Required Not required
Opening and Opening and closing stock of closing stock of
goodsgoodsQuantitative Quantitative informationinformation Share capital Share capital and loansand loans
DepreciationDepreciation Dues from Dues from directors, directors, other officers, other officers, companies under same managementcompanies under same management
2012 AuthorsA Practical Guide to Revised Schedule VI
by Sanjeev Singhal & R. Sankaraiah
7/30/2019 330498 1002635 Comparison Between Old and New Schedule Vi
26/43
Comparison old and revised content of Schedule VI
Shareholders Shareholders fundsfunds
TurnoverTurnover Income from Income from investmentinvestment
Cash & cash Cash & cash e uivalentse uivalents
Interest Interest IncomeIncome
TDSTDS
Areas where disclosure requirements dispensed with in revised Schedule VI
Bifurcation between income from trade and other investments
Required Not required
Opening and Opening and closing stock of closing stock of
goodsgoodsQuantitative Quantitative informationinformation Share capital Share capital and loansand loans
DepreciationDepreciation Dues from Dues from directors, directors, other officers, other officers, companies under same managementcompanies under same management
2012 AuthorsA Practical Guide to Revised Schedule VI
by Sanjeev Singhal & R. Sankaraiah
7/30/2019 330498 1002635 Comparison Between Old and New Schedule Vi
27/43
7/30/2019 330498 1002635 Comparison Between Old and New Schedule Vi
28/43
7/30/2019 330498 1002635 Comparison Between Old and New Schedule Vi
29/43
Comparison old and revised content of Schedule VI
Shareholders Shareholders fundsfunds
TurnoverTurnover Income from Income from investmentinvestment
Cash & cash Cash & cash e uivalentse uivalents
Interest Interest IncomeIncome
TDSTDS
Areas where disclosure requirements dispensed with in revised Schedule VI
Disclosure of TDS in case of gross presentation of income from investments and interest
Required Not required
Opening and Opening and closing stock of closing stock of
goodsgoodsQuantitative
Quantitative
informationinformation Share capital Share capital and loansand loans
DepreciationDepreciation Dues from Dues from directors, directors, other officers, other officers, companies under same managementcompanies under same management
2012 AuthorsA Practical Guide to Revised Schedule VI
by Sanjeev Singhal & R. Sankaraiah
7/30/2019 330498 1002635 Comparison Between Old and New Schedule Vi
30/43
Comparison old and revised content of Schedule VI
Shareholders Shareholders fundsfunds
TurnoverTurnover Income from Income from investmentinvestment
Cash & cash Cash & cash e uivalentse uivalents
Interest Interest IncomeIncome
TDSTDS
Areas where disclosure requirements dispensed with in revised Schedule VI
Disclosure in case of manufacturing and trading companies for opening and closing stock of goods produced/tradedgiving break up and quantities
Required Not required
Opening and Opening and closing stock of closing stock of
goodsgoodsQuantitative
Quantitative
informationinformation Share capital Share capital and loansand loans
DepreciationDepreciation Dues from Dues from directors, directors, other officers, other officers, companies under same managementcompanies under same management
2012 AuthorsA Practical Guide to Revised Schedule VI
by Sanjeev Singhal & R. Sankaraiah
7/30/2019 330498 1002635 Comparison Between Old and New Schedule Vi
31/43
Comparison old and revised content of Schedule VI
Shareholders Shareholders fundsfunds
TurnoverTurnover Income from Income from investmentinvestment
Cash & cash Cash & cash e uivalentse uivalents
Interest Interest IncomeIncome
TDSTDS
Areas where disclosure requirements dispensed with in revised Schedule VI
Disclosure in case of manufacturing companies for quantitative information on licensed/installed capacity and actual production
Required Not required
Opening and Opening and closing stock of closing stock of
goodsgoodsQuantitative
Quantitative
informationinformation Share capital Share capital and loansand loans
DepreciationDepreciation Dues from Dues from directors, directors, other officers, other officers, companies under same managementcompanies under same management
2012 AuthorsA Practical Guide to Revised Schedule VI
by Sanjeev Singhal & R. Sankaraiah
7/30/2019 330498 1002635 Comparison Between Old and New Schedule Vi
32/43
Comparison old and revised content of Schedule VI
Shareholders Shareholders fundsfunds
TurnoverTurnover Income from Income from investmentinvestment
Cash & cash Cash & cash e uivalentse uivalents
Interest Interest IncomeIncome
TDSTDS
Areas where disclosure requirements dispensed with in revised Schedule VI
Disclosure of amount reserved for repayment of loans and share capital
Required Not required
Opening and Opening and closing stock of closing stock of
goodsgoodsQuantitative
Quantitative
informationinformation Share
capital
Share
capital
and loansand loans DepreciationDepreciation Dues
from
Dues
from
directors,
directors,
other
officers,
other
officers,
companies under same managementcompanies under same management
2012 AuthorsA Practical Guide to Revised Schedule VI
by Sanjeev Singhal & R. Sankaraiah
7/30/2019 330498 1002635 Comparison Between Old and New Schedule Vi
33/43
Comparison old and revised content of Schedule VI
Shareholders Shareholders fundsfunds
TurnoverTurnover Income from Income from investmentinvestment
Cash & cash Cash & cash e uivalentse uivalents
Interest Interest IncomeIncome
TDSTDS
Areas where disclosure requirements dispensed with in revised Schedule VI
In case of non provision of depreciation, disclosure in notes to accounts to the fact that no depreciation has been provided along with quantum of arrears of depreciation calculated as per Section 205(2) of the Companies Act,1956.
Required Not required
Opening and Opening and closing stock of closing stock of
goodsgoodsQuantitative
Quantitative
informationinformation Share
capital
Share
capital
and loansand loans DepreciationDepreciation Dues
from
Dues
from
directors,
directors,
other
officers,
other
officers,
companies under same managementcompanies under same management
2012 AuthorsA Practical Guide to Revised Schedule VIby Sanjeev Singhal & R. Sankaraiah
7/30/2019 330498 1002635 Comparison Between Old and New Schedule Vi
34/43
Comparison old and revised content of Schedule VI
Shareholders Shareholders fundsfunds
TurnoverTurnover Income from Income from investmentinvestment
Cash & cash Cash & cash e uivalentse uivalents
Interest Interest IncomeIncome
TDSTDS
Areas where disclosure requirements dispensed with in revised Schedule VI
Disclosure of maximum amount due from directors or other officers during the year
Required Not required
Disclosure of dues from companies under the same management Required Not required
Opening and Opening and closing stock of closing stock of
goodsgoodsQuantitative
Quantitative
informationinformation Share
capital
Share
capital
and loansand loans DepreciationDepreciation Dues
from
Dues
from
directors,
directors,
other
officers,
other
officers,
companies under same managementcompanies under same management
2012 AuthorsA Practical Guide to Revised Schedule VIby Sanjeev Singhal & R. Sankaraiah
7/30/2019 330498 1002635 Comparison Between Old and New Schedule Vi
35/43
disclosures has changed in revised
2012 AuthorsA Practical Guide to Revised Schedule VIby Sanjeev Singhal & R. Sankaraiah
HOME
7/30/2019 330498 1002635 Comparison Between Old and New Schedule Vi
36/43
Comparison old and revised content of Schedule VI
Areas where presentation and/or disclosures has changed in revised Schedule VI
Shareholders Funds
Disclosure of shares in
respect of each class in company held by its holding company or its ultimate
For subsidiary companies separate disclosure
of no. of shares held by holding company orby ultimate holding company andsubsidiaries.
Separate disclosure required for each class of share capital.Further the clause: the auditor is not required to certifycorrectness of such shareholdings as certified by
o ng company nc u ng shares held by their subsidiaries or associates of holding company
The auditor is not required to certifycorrectness of such shareholdings as certifiedby the management.
management has been removed.
For each class of shares, following disclosures are required
Disclosure regarding shares allotted for consideration other than cash, bonus shares and shares bought
Requires disclosure of shares allotted for consideration other than cash and bonus shares but not for shares bought back. Further, disclosure needs to be made
or perio o 5 years imme iate y prece ing t e ate atwhich the B/S is prepared:
Aggregate no. and class of shares allotted as fully paidup pursuant to contract(s) without payment beingreceived in cash.
back without there being a cap of 5 years Aggregate no. and class of shares allotted as fully paidup by way of bonus shares.
Aggregate no. and class of shares bought back.
Debit balance of profit and Shown as a deduction from uncommitted Debit balance of P/L A/c shown as a negative figure under
2012 AuthorsA Practical Guide to Revised Schedule VIby Sanjeev Singhal & R. Sankaraiah
loss account reserves. negative.
7/30/2019 330498 1002635 Comparison Between Old and New Schedule Vi
37/43
Comparison old and revised content of Schedule VI
Areas where presentation and/or disclosures has changed in revised Schedule VI
Current Long term
Miscellaneous Misc. expenses
liabilities
advancesexpenses
or adjusted)
Item Old Schedule VI Revised Schedule VIInterest accrued & due on
borrowings
Disclosed as part of secured /unsecured
loans as
the
case
may
be
Disclosed as current liabilities
2012 AuthorsA Practical Guide to Revised Schedule VIby Sanjeev Singhal & R. Sankaraiah
7/30/2019 330498 1002635 Comparison Between Old and New Schedule Vi
38/43
Comparison old and revised content of Schedule VI
Areas where presentation and/or disclosures has changed in revised Schedule VI
Current Long term
Miscellaneous Misc. expenses
liabilities
advancesexpenses
or adjusted)
Item Old Schedule VI Revised Schedule VI
Gross and net blockRequires disclosure of gross as well as net
block
Disclosure of only net block is required
2012 AuthorsA Practical Guide to Revised Schedule VIby Sanjeev Singhal & R. Sankaraiah
7/30/2019 330498 1002635 Comparison Between Old and New Schedule Vi
39/43
Comparison old and revised content of Schedule VI
Areas where presentation and/or disclosures has changed in revised Schedule VI
Current Long term
Miscellaneous Misc. expenses
liabilities
advancesexpenses
or adjusted)
Item Old Schedule VI Revised Schedule VI
Capital advancesThe practice is to club it with capital work
in progress
To be shown separately under the head Long term loans andadvances
2012 AuthorsA Practical Guide to Revised Schedule VIby Sanjeev Singhal & R. Sankaraiah
7/30/2019 330498 1002635 Comparison Between Old and New Schedule Vi
40/43
Comparison old and revised content of Schedule VI
Areas where presentation and/or disclosures has changed in revised Schedule VI
Current Long term Miscellaneous Misc. expenses
liabilities
advancesexpenses
or adjusted)
Item Old Schedule VI Revised Schedule VI
Criteria for separate disclosure
Separate disclosure required for any item of expenditure which exceeds one per cent of the revenue from o erations or Rs. 5,000
Separate disclosure required for any item of income or
expenditure which exceeds one per cent of the revenue from
whichever is higheroperations or Rs. 1,00,000, w ic ever is ig er
2012 AuthorsA Practical Guide to Revised Schedule VIby Sanjeev Singhal & R. Sankaraiah
7/30/2019 330498 1002635 Comparison Between Old and New Schedule Vi
41/43
Comparison old and revised content of Schedule VI
Areas where presentation and/or disclosures has changed in revised Schedule VI
Current Long term Miscellaneous Misc. expenses
liabilities
advancesexpenses
or adjusted)
Item Old Schedule VI Revised Schedule VISeparate disclosure in respect
of m iscellaneous expenses Required on the face of balance sheet Not required
off or adjusted)
2012 AuthorsA Practical Guide to Revised Schedule VIby Sanjeev Singhal & R. Sankaraiah
7/30/2019 330498 1002635 Comparison Between Old and New Schedule Vi
42/43
Comparison old and revised content of Schedule VI
Areas where presentation and/or disclosures has changed in revised Schedule VI
Current Long term Miscellaneous Misc. expenses
liabilities
advancesexpenses
or adjusted)
Item Old Schedule VI Revised Schedule VI
Recognition of dividends
declared by subsidiaries
Parent company need to recognise dividends declared by subsidiary companies even after the date of balance sheet if the ertain to the
No such requirement. Thus, dividends will have to berecognised as per the requirements of AS 9 which means thatdividends will be reco nised onl when the ri ht to receive
companiesperiod under reporting. dividends is established.
2012 AuthorsA Practical Guide to Revised Schedule VIby Sanjeev Singhal & R. Sankaraiah
7/30/2019 330498 1002635 Comparison Between Old and New Schedule Vi
43/43
For any queries write to Dr. Sanjeev Singhal . Email: Sanjeev_Singhal@jubl.com
2012 AuthorsA Practical Guide to Revised Schedule VIby Sanjeev Singhal & R. Sankaraiah
HOME