Many of the old disclosures have been dispensed off like
Quantitative details
Maximum amount due from director/managers
Balance with non-scheduled banks, etc.
No more netting of current assets and current liabilities. Liabilities are to be reported in the Liabilities side and the Assets in the Assets side.
All assets and liabilities to be split between current and non-current except
Shareholders funds
Fixed Assets
Each subitem in the Balance Sheet and Profit and Loss to have a note number and any additional disclosure based on accounting standard to be reported.
Profit/Loss has to necessarily be reported under Liabilities side only
Each line and subline in the BS and PL need to be in the prescribed order
No horizontal format for the balance sheet
No more schedules to balance sheet
Profit and Loss account renamed to Statement of Profit and Loss
Revenue from operations to be reported and all other incomes to be reported as other income
Many new disclosures have been included
Reconciliation of shares
Rights, restrictions and preferences attached to each class of shares
Cash and cash equivalents
Disclosures are now governed by the accounting standards and any inconsistency between accounting standard and revised schedule VI. Accounting standard shall prevail.
"All assets and liabilities to be split between current and non-current except Shareholders funds Fixed Assets" - is this statement correct?
Fixed Asset is under Non current assets
Just like Loans and Advances are shown under non current assets as wells as under current assets, fixed assets are shown under non currect assets only.