Revised schedule via current & non current
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
08 August 2012
Kindly give views on the amounts outstanding from varioius parties which are under arbitration/court case. Whether thiese items can be classified under Current Assets/Liabilities under the revised Schedule VI.
Regards,
A S GUPTA
Kindly give views on the amounts outstanding from varioius parties which are under arbitration/court case. Whether thiese items can be classified under Current Assets/Liabilities under the revised Schedule VI.
Regards,
A S GUPTA
Amol S Joglekar
(Expert)
08 August 2012
Normally the arbitration agreement contains period of award. If it is reasonable to believe that the amount shall be awarded within a year put it under the column of current else show it otherwise.
CA CS Ravi Mehata
(Expert)
10 October 2012
Many Times Award Case will take long time in Settlement more then a year....So You should take it as Non Current.
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