22 July 2025
For the November 2012 exam, the revised Schedule VI is applicable in full, as it was mandated for financial years starting on or after April 1, 2011.
Key points for your exam preparation: The revised Schedule VI changed the presentation of financial statements for companies. It applies to both Private Ltd and Public Ltd companies. Focus on the new format of Balance Sheet and Profit & Loss Account. Understand the classification of assets and liabilities as Current and Non-Current. Study the disclosure requirements for investments, loans, reserves, and fixed assets. Get familiar with notes to accounts as per revised Schedule VI.
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