New schedule vi
This query is : Resolved
CA Priyaadarshini
(Querist)
30 March 2012
Hi,
overdue instalments of long term loans should be classified as Current liability as per revised sch VI. can anyone tell me why the disclosure of period & amount of defaults is required under Non current laibilities? logically the disclosure shd be required under Current liabilities.
Pls clarify.
Thanks
Priya
overdue instalments of long term loans should be classified as Current liability as per revised sch VI. can anyone tell me why the disclosure of period & amount of defaults is required under Non current laibilities? logically the disclosure shd be required under Current liabilities.
Pls clarify.
Thanks
Priya
CA CS Amit S. Kedia
(Expert)
30 March 2012
Priya,
Disclosure is required to made under Non current liability this is beacuse default is in relation to long term loan and since the disclosure does not affect the classification of items. hence, hence, It was not made necessary to show the default of interest separately under current liab.
Disclosure is required to made under Non current liability this is beacuse default is in relation to long term loan and since the disclosure does not affect the classification of items. hence, hence, It was not made necessary to show the default of interest separately under current liab.
CA Priyaadarshini
(Querist)
30 March 2012
default means the payment is overdue. so those amounts will be clssified under current laibility only no?
CA CS Amit S. Kedia
(Expert)
31 March 2012
Long term liability is already shown under non current liability, the interest which is overdue on the above will be classified under current liability.
but for the disclosure purpose you will have to disclose default in making payment under non current only.
but for the disclosure purpose you will have to disclose default in making payment under non current only.
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CA Priyaadarshini
(Querist)
04 April 2012
Thanks Mr Amit.
I have another doubt. SHould the corresponding comparatives of Fy 2010-11 be regrouped according to rev. sch VI?
I have another doubt. SHould the corresponding comparatives of Fy 2010-11 be regrouped according to rev. sch VI?
CA CS Amit S. Kedia
(Expert)
04 April 2012
Yes, The Corresponding amount will be regrouped wherever necessary, otherwise it would mislead the presentation.
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CA Priyaadarshini
(Querist)
04 April 2012
OK. thanks a lot.
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