APPLICABILITY OF REVISED SCHEDULE VI
Revised Schedule VI applicable to all companies for the financial year commencing from 01st April 2011.
However do not apply to companies as referred to in the proviso to Section 211 (1) and Section 211 (2) of the Act, i.e.,
1. any insurance or banking company, or
2. any company engaged in the generation or supply of electricity or
3. any other class of company for which a form of Balance Sheet and Profit and Loss account has been specified in or under any other Act governing such class of company.
Part 1 form of balance sheet- equity & LIABILITIES
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Particulars
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Note No.
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Figures at the end of current reporting period
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Figures at the end of previous reporting period
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(1)Shareholders’ Funds
Share Capital
Reserve & Surplus
Money Reserved against share warrants
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(2)Share Application money pending Allotment
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(3)Non Current Liabilities
Long Term Borrowings
Deferred Tax Liabilities (Net)
Other Long Term Liabilities
Long Term Provisions
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(4)Current Liabilitie
Short Term Borrowings
Trade Payables
Other Current Liabilities
Short Term Provisions
TOTAL
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PART 1 FORM OF BALANCE SHEET - ASSETS
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Particulars
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Note No.
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Figures at the end of current reporting period
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Figures at the end of previous reporting period
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Non- Current Assets
(a) Fixed Assets
Tangible Assets
Intangible Assets
Capital Work in progress
Intangible Assets under development
(b) Non- Current Investments
(c) Deferred Tax Assets (net)
(d) Long Term Loans & Advances
(e) Other Non-Current Assets
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Current Assets
Current Investments
Inventories
Trade Receivables
Cash and Cash Equivalents
Short Term Loans and Advances
Other Current Assets
TOTAL
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FEATURES OF REVISED SCHEDULE VI – BALANCE SHEET
1.Eliminated the concept of ‘schedule’ and such information is now to be furnished in the notes to accounts.
2.In case of any conflict between the AS and the Schedule, AS shall prevail.
3.The revised schedule prescribes a vertical format for presentation of balance sheet.
4.All Assets and liabilities classified into current and non-current and presented separately on the face of the Balance Sheet.
5.Number of shares held by each shareholder holding more than 5% shares now needs to be disclosed.
6.Any debit balance in the Statement of Profit and Loss will be disclosed under the head “Reserves and surplus.”
7.The term “sundry debtors” has been replaced with the term “trade receivables.
8.Revised Schedule VI requires separate disclosure of “trade receivables outstanding for a period exceeding six months from the date the bill/invoice is due for payment.”
9.“Capital advances” are specifically required to be presented separately under the head “Loans & advances” rather than including elsewhere.
10.In the Old Schedule VI, details of only capital commitments were required to be disclosed. Under the Revised Schedule VI, other commitments also need to be disclosed.
Part II – Statement of Profit & Loss
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Particulars
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Note No.
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Figures at the end of current reporting period
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Figures at the end of previous reporting period
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I. Revenue from Operations
II. Other Income
III. Total Revenue (I + II)
IV. Expenses
• Cost of Material Consumed
• Purchases of Stock in Trade
• Changes in inventories of finished goods, Work in progress and stock in trade
• Employee Benefit expense
• Finance Costs
• Depreciation and amortization expense
• Other expenses
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V. Profit Before Exceptional and extraordinary items and tax (III-IV)
VI. Exceptional Items
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Part II – Statement of Profit & Loss
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Particulars
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Note No.
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Figures at the end of current reporting period
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Figures at the end of previous reporting period
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VII. Profit Before extraordinary items and tax(V - VI)
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VIII. Extraordinary Items
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IX. Profit Before Tax (VII - VIII)
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X. Tax Expense
Current Tax
Deferred Tax
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XI. Profit (loss) for the period from continuing operations (IX – X)
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XII. Profit (loss) from discontinuing operations
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XIII. Tax expense of discontinuing operations
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XIV. Profit(loss) from discontinuing operations (after tax) (XII – XIII)
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XV. Profit (loss) for the period (XI + XIV)
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XVI. Earnings per equity share
1.Basic
2.Diluted
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Features of Revised Schedule VI – Statement of Profit
1.The name has been changed to “Statement of Profit and Loss” as against ‘Profit and Loss Account’ as contained in the Old Schedule VI.
2.This format of Statement of Profit and Loss does not mention any appropriation item on its face. format prescribes such ‘below the line’ adjustments to be presented under “Reserves and Surplus” in the Balance Sheet.
3.Any item of income or expense which exceeds 1% of the revenue from operations or Rs.100,000 whichever is higher, needs to be disclosed separately.
4.Revenue from operations need to be disclosed separately as revenue from (a) sale of products, (b) sale of services and (c) other operating revenues.
5.Net exchange gain/loss on foreign currency borrowings to the extent considered as an adjustment to interest cost needs to be disclosed separately as finance cost.
6.Quantitative disclosures for significant items of Statement of Profit and Loss, such as raw material consumption, stocks, purchases and sales have been simplified and replaced with the disclosure of “broad heads” only.
BY: PRAVEEN SRIVASTAVA
(CA Final, MBA, B.COM)
on 12 June 2012
