Revised sch vi

The revised Schedule to apply to all companies following Indian GAAP – until such companies are required to follow International Financial Reporting Standards (IFRS) converged Indian accounting standards (Ind AS).

The revised Schedule would apply to all Indian companies till they are required to follow IFRSconverged Indian Accounting Standards (Ind ASs). However, like its predecessor, the revised Schedule does not apply to banking or insurance companies.

In case of companies engaged in the generation and supply of electricity, the revised Schedule VI may be followed by such companies till the time a format is prescribed under the relevant statute.

Listed companies are required to furnish financial information as per the requirements of Clause 41 of theEquity Listing Agreement for each quarter in the prescribed format. The presentation and disclosurerequirements of Clause 41 override the relevant requirements of AS 25, Interim Financial Reporting. A statement of assets and liabilities is required to be included as a note to the half-yearly results underClause 41.  Though the format for the statement of assets and liabilities, required at the end of the halfyear, is drawn from the pre-revised Schedule VI, it will have to be followed till Clause 41 is revised. Thisis because Clause 41(V) specifically requires that disclosure of balance sheet items in half-yearly results“shall be in the format specified in Annexure IX drawn from Schedule VI of the Companies Act …..”