28 February 2012
In my view, the amendments in Schedule VI of the Companies Act will be applicable to the Liaison office accounts due to the following reason: Vide Section 594(1) every foreign company is required to prepare a bsheet and p/l account of its Indian business in acc with Section 211 read with parts I and II of Schedule VI to the Companies Act, 1956. The CLB has notified that clause (a) of subsection (1) of Section 594 shall apply to the company under question with certain exceptions and modifications ie prep of statement of receipts and payments instead of P/L account and a statement of assets and liabs instead of a B/sheet. Thus the provisions no excepted or modified would continue to apply..hence the parts I and II of schedule VI would apply too.
CAclubindia
