Applicability of Revised Schedule VI for June 2011

AS 2455 views 1 replies

Dear All,

I need your help on below mentined. Request you to please assist.

 

Ours is a listed company. Since revised Schedule VI is applicable for accounts period starting from 1.4.2011, i would like to know whether we need to prepare June quarter financials as per revised Schelue VI or not?

Would like to mention here that we are preparing financials and notifying exchanges as we are goverened by listing agreement. So do we need to follow revised schedule VI or we can prepare financials based on existing schedule VI as listing agreement has not talked about whether results to be prepared as per revised schedule VI ? Revised schedule VI is a companies act requirement and we are not publishing results because of companies act...PLEASE CORRECT ME HERE IF I AM WRONG.... 

 

Also we are not reporting financials quarterly as per AS-25 interim financial reporting. We are giving six month balance sheet in september so i can accept that we need to prepare financials on basis of revised schedule VI as then we are goverened by companies act.

Please provide youe expert opinion.

Thanks

" A learner"

 

 

Replies (1)

 

Hi,

Revised schedule VI is not applicable for reporting in clause 41 format. Companies have to report in existing clause 41 format only and previous year figures will also be as per same format. Reporting in revised schedule VI format is not required in quarterly reports as there is no requirement in companies act to submit quarterly financials. Qyarterly financials are required by SEBI so SEBI format has to be followed. But annual accounts for FY 2011-12 will be reported in revised schedule VI format only. So for 3 quarters companies are not required to to follow revised schedule unless SEBI format is revised.

 

Regards,

Sandeep


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