Ministry of Corporate Affairs has amended the schedule VI which is required to be implemented by the companies from Financial Year 2011-12 along with regrouping last year figures. Following are the changes in Revised Schedule VI.
1. Source of fund shall be replaced by Equity and Liabilities.
2. Application of funds shall be replaced by Assets.
3. Shareholding of more than 5% shares in the company as on balance sheet date need to be disclosed separately.
4. Profit and Loss account shall be replaced by Statement of Profit and Loss.
5. Statement of Profit and Loss (Dr. Balance) shall be disclosed under head Reserves and Surplus.
6. Share Application money pending allotment is not a part of Shareholders Fund now.
7. Sundry Debtors shall be replaced by Trade Receivables.
8. In case trade receivables outstanding for a period exceeding 6 months from the date they become due for payment then separate disclosure required.
9. Tangible assets under lease are required to be separately specified under each class of assets.
10. Current liabilities will not be shown as deduction from Current Assets.
11. Assets and liabilities shall be bifurcated into Current and Non Current portion.
12. Miscellaneous Expenditure as a separate head does not exists now.
Format of Balance Sheet in Revised Schedule VI
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Equity and Liabilities
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Note No.
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Figures at end of current reporting period
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Figures at end of previous reporting period
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Shareholder’s Fund
Capital
Reserve and Surplus
Money Reserved against share warrants
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Share Application money pending allotment
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Non Current Liabilities
Long Term Borrowings
Deferred Tax Liabilities (Net)
Other long Term Liabilities
Long Term Provisions
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Current Liabilities
Short Term Borrowings
Trade Payables
Other Current Liabilities
Short Term Provisions
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Format of Balance Sheet in Revised Schedule VI
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Assets
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Note No.
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Figures at end of current reporting period
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Figures at end of previous reporting period
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Non Current Assets
Fixed Assets
· Tangible Assets
· Intangible Assets
· CWIP
· Intangible Assets under development
Non Current Investment
Deferred Tax Assets (Net)
Long terms loans and advances
Other Non-Current Assets
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Current Assets
Current Investment
Inventories
Trade Receivables
Cash and Cash Equivalents
Short Term loans and advances
Other Current Assets
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Format of Statement of Profit and Loss
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Particulars
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Note No.
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Figures at end of current reporting period
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Figures at end of previous reporting period
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Revenue from Operations
Other Income
Total Revenue
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Expenses
Cost of Material Consumed
Purchases of Stock in Trade
Changes in inventories of finished goods
WIP and SIT
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Employee Benefit expenses
Finance Costs
Depreciation and Amortization expenses
Other expenses
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Profit before exceptional and extraordinary items and tax
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Extraordinary items
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PBT
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Tax Expenses
Current Tax
Deferred Tax
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Profit (Loss) for the period from continuing operations
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Profit (Loss) for the period from discontinuing operations
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Tax expenses of discontinuing operations
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Profit (Loss) from discontinuing operations (after tax)
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Profit (Loss) for the period
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EPS
Basic
Diluted
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Distinction between term Current and Non Current:-
An item is classified as current
1. If it is involved in the entity’s operating cycle
2. Is expected to be realized / settled within 12 months.
3. If it is held primary for trading
4. Is cash or cash equivalents
5. If entity does not have unconditional right to defer settlement of liability for at least 12 months after reporting period.
All other items are non current.
By Naveen Chand Khulve
Email: khulvenaveen@gmail.com
on 31 March 2012
