Revised schedule vi is applicable to all companies now

After the success of our first 3 seminars in Delhi and Gurgaon, which were very well received, we are pleased to announce 4th such event in Delhi on the 28th July2012. This has been planned considering the importance of its compliance and it’s far reaching impact on the overall accounting profession.

An Introduction

According to the MCA notification S.O. 447 (E) dated 28^th February 2011, the existing Schedule VI to the Companies Act, 1956 (Act), was revised. The new Schedule VI laid down a new format for preparation and presentation of financial statements by Indian companies. Subsequently, another MCA notification S.O. 653(E) dated 31^st March 2011 stated clearly that the revised Schedule VI would come into force for the Balance Sheet and Profit & Loss Account to be prepared for the financial year commencing on or after 1-April-2011.

The revised Schedule VI is to be applicable to all, and it introduces many new concepts and disclosure requirements and also does away with several statutory disclosure requirements.

Benefit to a Company

Significant efforts are made to move closure to international practices. Though it does not adopt international standards entirely, it appears to be modernising and simplifying the schedule to make it more relevant to the present needs. It may need substantial changes in the accounting systems and procedures.

Challenges faced by the Company

There will be challenges in few areas in the first year of application of revised schedule VI. For instances comparatives will have to be given, additional efforts will be required for recasting comparatives, auditors will have to perform additional procedures, disclosure will be required in the notes of reclassification/regrouping, disclosure of the fact in the notes if certain comparatives are not available.

PROGRAMME CONTENTS

• Overall approach of revised Schedule VI – need, objective & spirit
• Comparison between old Schedule VI and revised Schedule VI
• Practical guide to balance sheet and profit and loss account under revised Schedule VI
• Issues arising in implementation of revised Schedule VI
• Simplification to disclosures under revised Schedule VI
• Roadmap to compliance with revised Schedule VI
• Q&A
• Practical Session for Preparation of Financial Statement using Webtel's e-B/S Tool

Knowledge Partners:

Webtel Electrosoft Pvt. Ltd., the knowledge partner for this programme is India's leading e-regime company engaged in complete software solutions and knowledge process outsourcing activities. It is well known for several of its products in the financial sector particularly catering to e-filing.

Programme Details:

Participation Fee:

Option 1 Fees: Rs. 3,500.00 plus Service Tax for Full day Session

Option 2 Fees: Rs. 2,000.00 plus Service Tax for a half day session, first half is concepts while second half is practical aspects 

Payment Details:

Fees could either be paid through cheque or cash or through online transfer.

Details for the purpose of wire transfer are as follows:

Account Name : Takshila Learning Private Limited

Bank Name : HDFC Bank Limited, East Patel Nagar, Main Road, New Delhi

Account Number : 01442000012558

Branch IFSC Code : HDFC0000144

Call our programme coordinator for registrations and booking a seat. Online payment through credit card would attract a transaction fee of 7.5% of the total amount.

How to Register?

You may register yourself online by clicking here. There are going to be limited seats, therefore booking would be done on ‘First-Come-First-Serve’ basis.

Look forward to you joining our training programme. Please feel free to call Neha on 91-88 00 999 284 for any further clarifications.

Warm Regards,

Team @ Takshila

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