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Revised Schedule VI: Features


praveen srivastava 
posted on 12 June 2012



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

 

Particulars

Note No.

Figures at the end of current reporting period

Figures at the end of previous reporting period

(1)Shareholders’ Funds

 

Share Capital

Reserve & Surplus 

Money Reserved against share warrants

 

 

 

(2)Share Application  money pending Allotment

 

 

 

(3)Non Current Liabilities

 

Long Term Borrowings

Deferred  Tax Liabilities (Net)

Other Long Term Liabilities

Long Term Provisions

 

 

 

(4)Current Liabilitie

 

Short Term Borrowings

Trade Payables

Other Current Liabilities

Short Term  Provisions

                                                                 TOTAL

 

 

 

 

PART 1 FORM OF BALANCE SHEET - ASSETS

 

Particulars

Note No.

Figures at the end of current reporting period

Figures at the end of previous reporting period

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

 

 

 

Current Assets

 

Current Investments   

Inventories   

Trade Receivables    

Cash and Cash Equivalents   

Short Term Loans and Advances   

Other Current Assets    

                                                                                                        TOTAL

 

 

 

 

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

 

Particulars

Note No.

Figures at the end of current reporting period

Figures at the end of previous reporting period

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

 

 

 

 

V. Profit Before Exceptional and extraordinary items and tax (III-IV)

 

VI. Exceptional Items

 

 

 

 

Part II – Statement of Profit & Loss

 

Particulars

Note No.

Figures at the end of current reporting period

Figures at the end of previous reporting period

VII. Profit Before extraordinary items and tax(V - VI)

 

VIII. Extraordinary Items

 

IX. Profit Before Tax (VII - VIII)

 

X. Tax Expense

 Current Tax

 Deferred Tax

 

XI. Profit (loss) for the period from continuing operations  (IX – X)

 

XII. Profit (loss) from discontinuing operations

 

XIII. Tax expense of discontinuing operations

 

XIV. Profit(loss) from discontinuing operations (after tax)   (XII – XIII)

 

XV. Profit (loss) for the period  (XI + XIV)

 

XVI. Earnings per equity share

 

1.Basic

2.Diluted

 

 

 

 

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)


Published in Corporate Law
Source : No Source Specified
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