Where to show the Unpaid Salary or other unpaid Employee's benefit exps, I have confusion wheather to show under Other Current liabilities or under Short term provisions.
Please clarify, thanks in Advance
Where to show the Unpaid Salary or other unpaid Employee's benefit exps, I have confusion wheather to show under Other Current liabilities or under Short term provisions.
Please clarify, thanks in Advance
Hi Saurabh,
the same should grouped under other liabilities as employee related liabilites.
1) O/S salary to employee would be shown under sub-heading other current liability in heading current liability.if is payable within 12 month from balance sheet date.otherwise in other long term liability.
2) Employee related benefit needs to be bifurcated in current & non current liability by taking the assistance of acturary.& Accordingly provision related to current is provided in Short term provision & provision related to non-current is provided in long term provision.
Regards
CA Linesh Patil
CRASH COURSES FOR NOV-12 FINAL CA. BY PROFESSIONAL ACADEMY
REVISED SCHEDULE VI - PRASAD SIR
FROM 17TH AUG TO 18TH AUG
TIMING 9AM TO 6PM..
The unpaid salary of the employee will be shown in other current liability and the employee benefit expenses will be shown in provisions short or long term depending upon the case...!!!! hope ur query is resolved
My query is:
Do we have to redraft the Balance Sheet P&L A/c of previous year also as per the Revised Schedule VI Format?
Yes, Vibhor you need to re-state the B/s of Previous yr also as per Revised Schedule Vi, the logic is that the Financial Statements can be comparable when presented together....
CAclubindia
