Schedule 3 - financial statements

In as accounting, no guidance! Using rationality, all c/f balances will still remain in thier own headings for the purpose of analysis eg., creditor days because you only have one ledger for them called sundry creditors

For current year financial statements like profit and loss, you can add new heads of expenses. Classify the expenses then categorise it. 

If you make this same correction into your previous year filed profit and loss. You should decleared in revised return or updated return. If there is no changes in your profit. No need file correction. Don't try interrupt or manipulate anything declared. 

Current liabilities means, which liabilities, you could settle this outstanding before 12 months. Those are current liabilities. Incase, you couldn't pay within 12 months. No need transfer any other ledger. Keep it them in the same and close next financial year. 

Originally posted by : Saravanan nagaraj
	For current year financial statements like profit and loss, you can add new heads of expenses. Classify the expenses then categorise it.  If you make this same correction into your previous year filed profit and loss. You should decleared in revised return or updated return. If there is no changes in your profit. No need file correction. Don't try interrupt or manipulate anything declared.  Current liabilities means, which liabilities, you could settle this outstanding before 12 months. Those are current liabilities. Incase, you couldn't pay within 12 months. No need transfer any other ledger. Keep it them in the same and close next financial year.

Conceptual framework says 'dont believe the tax man because he is a beggar!' what about consistency concept?

Originally posted by : Atharv Sankliya
	Why we don't need to convert/disclose into non current liability

You can't! Because:

1. I said so

2. Consistency concept

3. Presentation

4. Ratio analysis (there is no ratio for converted amounts)

5. That's it! 

6. You sold/purchased goods on 31st December on accrual basis. That and this is the same.