Revised schedule vi
This query is : Resolved
06 November 2012
where should we disclose fixed deposits with banks? under cash & cash equivalents or long term loans and advances?
06 November 2012
Fixed deposits have a maturity of more than 12 months from the balance sheet date shall be classified under Non-current assets.
If it is less than 12 months, then same should be shown under Cash and Cash equivalents.
If it is less than 12 months, then same should be shown under Cash and Cash equivalents.
06 November 2012
The 12 month will be calculted from the date of fixed deposit not from the balance sheet date.
It means if the original maturity is less than 12 month then it will be shown under cash and cash equivalents.
It means if the original maturity is less than 12 month then it will be shown under cash and cash equivalents.
08 November 2012
sir, i accept to both of you. The guidance note on revised sch VI requires separate disclosure for deposits having more than 12 months maturity. if so, in non current asset, under which sub heading shall we show it?
22 November 2012
As per the Guidance Note on Revised Schedule VI issued by ICAI, the caption “Cash and Cash equivalents” should be changed to “Cash and bank balances,” which may have two sub-headings, viz., “Cash and cash
equivalents” and “Other bank balances.”
Fixed deposits having original maturity period exceeding 3 months should be classified under "Other bank balances"
equivalents” and “Other bank balances.”
Fixed deposits having original maturity period exceeding 3 months should be classified under "Other bank balances"
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