IS NEW SCHEDULE VI COMPULSORILY BE USED/APPLIED FOR PREPARING FINANCIAL STATEMENTS FOR FINANCIAL YEAR 2010-11? IS THERE ANY EXCEPTION TO THE USE OF THIS EITHER IN FORM OF PERIOD TO WHICH THE SAME SHOULD BE APPLIED OR IN TERMS OF TURNOVER OR SOMETHING LIKE THAT??
20 March 2011
The revised Schedule VI has been framed as per the Existing non-converged Indian Accounting Standards notified under the Companies (Accounting Standards), Rules, 2006. This will apply to all the companies uniformly for the financial statements to be prepared for the financial year 2010 – 11 and onwards. This revised Schedules VI is not relevant to the converged Indian Accounting Standards.
The revised Schedule VI is available on MCA Website at http://www.mca.gov.in/Ministry/pdf/Schedule_VI_28feb2011.pdf
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