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Revised schedule vi

Rahul Agrawal (paid Assistant) (25 Points)

29 March 2012

whether Inter-Corporatedeposite shown under the head short term laon & advance or Other current assets as per revised sch vi

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Sonam Bidasaria (CA) (770 Points)
Replied 30 March 2012

As per Para 8.3.1.19 of the Guidance Note issued by ICAI

8.3.1.19 Deposits classified under Borrowings would include deposits accepted from public and inter corporate deposits which are in the nature of borrowings.

We can draw reference from the above that if in case of borrower, ICD in the nature of borrwoings is classifies under LOng Term / Short Term Borrwoing as the case may be and not the Current/ Non-Current Liability

In the book of lender also, the same should be grouped underthe head "Short Term Loans & Advance" and not "Other Current Asset."