Applicability of revised schedule vi

All companies whether private or public, whether listed or unlisted, and irrespective of their size in terms of turnover, assets, etc. will have to adhere to the new format of financial statements from 2011-12 onwards. Many small or family-owned companies which are run as an extension of partnerships will have difficulties in adopting the new formats since they may not have the necessary trained manpower or infrastructure for such changeover.