Revised sch vi

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

25 April 2012 Dear Experts,
Is revised Schedule VI format of Financial Statement applicable to all the companies from F.Y. 2011-12??

Ajay Mishra

Ajay Mishra (Expert)
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26 April 2012 Hi

Yes it apply to all companies, except banks.The Ministry of Corporate Affairs (MCA) has prescribed a revised Schedule VI to the Companies Act, 1956 vide Notification dated 28.02.2011 which is applicable for the financial statements prepared for all financial periods beginning on or after 1 April 2011 by Indian Companies. The revised Schedule VI introduce many concepts and disclosure requirements and also does away with several statutory disclosure requirements. The existing form of Balance sheet in Schedule VI was inserted by The Companies (Amendment) Act, 1960.

The revised Schedule VI has been framed as per the existing non-converged Indian Accounting Standards notified under the Companies (Accounting Standards) Rules, 2006 and has no direct connection with the converged Indian Accounting Standards. The comprehensive revision in the Schedule VI has come after a long time and was infact overdue.

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