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Revised Schedule VI

Revised Schedule VI. Applicable of Financial statement to be Prepared for Financial year commencing on or after 01 April 2011 . Important Notes:-. Companies Act 1956 including notified accounting Standards prevails over Revised Schedule VI

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Revised Schedule VI

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  1. Revised Schedule VI • Applicable of Financial statement to be Prepared for Financial year commencing on or after 01 April 2011

  2. Important Notes:- • Companies Act 1956 including notified accounting Standards prevails over Revised Schedule VI • Additional Disclosure Specified by the Companies Act Including Accounting Standards shall be made in the notes on account in addition to requirement of revised schedule VI • All items of assets and liabilities are to bifurcated between Current and non – current • Only in vertical format • Depending upon turnover of the Company, the figures appearing in the Financial statement may be rounded off as below:-

  3. It is expected to be realized in, or is intended for sale or consumption in, the company’s normal operating cycle; • It is held primarily for the purpose of being traded; • It is expected to be realized within the twelve months after the reporting date; or • 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 the reporting date. • All other assets shall be classified as non current assets Meaning of CURRENT ASSETS Meaning of NON-CURRENT ASSETS

  4. It is expected to be settled in the company’s normal operating cycle; • It is held primarily for the purpose of being traded; • It is due to be settled within the twelve months after the reporting date; or • The companies does not have an unconditional right to defer settlement of the liabilities for at least 12 months after the reporting date. • All other assets shall be classified as non current assets Meaning of CURRENT laiabilities Meaning of NON-CURRENT ASSETS

  5. Comparisons 01

  6. Continued:- 02

  7. Continued:- 03

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