vivek garg (Chartered Accountant) 13 December 2012
Hi All,
I have a query regarding the applicability of revised schedule VI. A Company has been incorporated on 08.03.2011 and prepared its first balance sheet for the period of 08.03.2011 to 31.03.2012 as per revised schedule vi.
However, as per MCA notification, revised schedule VI is applicable for Balance Sheet for FY starting on or after 01.04.2011.
Now please share whether the aforesaid Balance Sheet has been correctly prepared (as per revised schedule vi) or not?
Kindly provide your opinion with supporting.
Regards,
CA Vivek Garg
Shankar BA(Hons) (CS) 14 December 2012
Souvik Kumar Ghosh (CA Final) 14 December 2012
No the aforesaid Balance Sheet should have been prepared as per Pre-Revised Schedule-VI because it is Statutory format & its early adoption is prohibitted. The fact has also been mentioned in the ICAI's Guidance note. Im attching a relevant extract of the same.
Regards
Shankar BA(Hons) (CS) 14 December 2012
Originally posted by : Souvik Ghosh | ||
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No the aforesaid Balance Sheet should have been prepared as per Pre-Revised Schedule-VI because it is Statutory format & its early adoption is prohibitted. The fact has also been mentioned in the ICAI's Guidance note. Im attching a relevant extract of the same. Regards |
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Rajat Gupta (CA) 14 December 2012
It should be prepared as per old schedule VI...since it is a statutroy format its earlier adoption is prohibited....also i have also tackled the same problm in case of 5 companies...
Also, the condition is that for revised chedule VI the financial year should commence from 01/04/2011...
CS,CA F,Numrologi TusharSampat (CS CA F Numerologist Astrologer Graphologist Face reader Vastu Expert) 14 December 2012
Originally posted by : Shankar BA(Hons) | ||
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Originally posted by : Souvik Ghosh No the aforesaid Balance Sheet should have been prepared as per Pre-Revised Schedule-VI because it is Statutory format & its early adoption is prohibitted. The fact has also been mentioned in the ICAI's Guidance note. Im attching a relevant extract of the same. Regards Mr.Ghosh What you have said is absolutely right. But in this case the balance sheet is prepared 31st march, 2012. So Logically speaking he has to prepare the revised one. |
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Jayalakshmi Anshuman (Chartered Accountant) 17 December 2012
The financials have to be prepared in the old schedule VI format as compliance with schedule VI is mandatory. The revised schedule vi is effective for financial year commencing on or after 1st April 2011 only.
If prepared incorrectly in revised schedule VI, then the financials will be invalid as the same are not in accordance with Companies Act, 1956.
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