New schedule vi

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CA Priyaadarshini (Querist)
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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

CA CS Amit S. Kedia

CA CS Amit S. Kedia (Expert)
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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.

CA Priyaadarshini

CA Priyaadarshini (Querist)
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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

CA CS Amit S. Kedia (Expert)
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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.

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CA Priyaadarshini

CA Priyaadarshini (Querist)
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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?

CA CS Amit S. Kedia

CA CS Amit S. Kedia (Expert)
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04 April 2012 Yes, The Corresponding amount will be regrouped wherever necessary, otherwise it would mislead the presentation.

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CA Priyaadarshini

CA Priyaadarshini (Querist)
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04 April 2012 OK. thanks a lot.

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