New schedule vi
This query is : Resolved
13 December 2011
If any installment of long term loan is repayable within 12 months from the B/S date, whether amt of that instalment is to be classified as current and the balance loan is to be classified as non- current or the whole loan amt. is to be classified as non current?
14 December 2011
Dear Priyanka,
The amount of the loan that is payable within 12 months is to be classifed under "Other Current Liabilities" and the non-current portion is to be classified under "Long Term Borrowing -- Term Loan".
The above view is also in line as stated in the para 8.3.1.9 of the Exposure Draft -- Draft Guidance Note to the Revised Schedule VI to the Companies Act, 1981, issued by ICAI.
The para states "The current maturities of all long-term borrowings will be disclosed
under ‘Other Current Liabilities’ and not under long-term borrowings and short-term borrowings. Hence, it is possible that the same bonds / debentures / term loans may be bifurcated under both long-term borrowings as well as under other current liabilities....."
The above mentioned exposure draft can be downloaded from the below link
220.227.161.86/24323announ14223.pdf
Hope the above helps you in your query.
Regards,
Murtuza
The amount of the loan that is payable within 12 months is to be classifed under "Other Current Liabilities" and the non-current portion is to be classified under "Long Term Borrowing -- Term Loan".
The above view is also in line as stated in the para 8.3.1.9 of the Exposure Draft -- Draft Guidance Note to the Revised Schedule VI to the Companies Act, 1981, issued by ICAI.
The para states "The current maturities of all long-term borrowings will be disclosed
under ‘Other Current Liabilities’ and not under long-term borrowings and short-term borrowings. Hence, it is possible that the same bonds / debentures / term loans may be bifurcated under both long-term borrowings as well as under other current liabilities....."
The above mentioned exposure draft can be downloaded from the below link
220.227.161.86/24323announ14223.pdf
Hope the above helps you in your query.
Regards,
Murtuza
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Refund Annexure-B
- House Property Reporting in ITR
- TDS Claim year
- Liable to deduct tds and 44ADA
- Nomination of Bank for refund in itr 2
- Section 56(2) of the Income tax Act 1961 , Gift to relative .
- Rent lease agreement
- Refund of 20%pre-deposit paid for stay application
- TDS Challan Code
- CCFS 2026 Schemed
- Internship/Academic shown in Salary Pay Slip of a Doctor
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
