Wat kind of problems facing in revised schedule vi?

Stat Audit 981 views 3 replies

Aarush

Delhi

1566 Points Joined August 2008

Dear All, Please share what kind of problem you are using at the time of conversation of financials of previous year 2010-11 in revised schedule VI.

Mine problems are as below :-

1. How to bifucrate trade liabilities in - Current and non current what are the criteria to bifucrate ?

2. Defered tax liability / assets will be part of non current liability or non current assets or will present as a seperate items as guidelines of revised schedule is silet on this ?

3. Can any company add some line item in standard format of balance sheet / profile and loss ?

and many more.

how i can handle such issues ? Pl reply

Replies (3)

CA Abhilasha Bhagat

ACA

466 Points Joined January 2011

1. If the liability is payable within normal cycle of the business (normally 12 months) then it is current liability.

2. DTL/DTA will be shown under the head non- current liabilities/ assets respectively. Just go through the format of revised sch VI.

3. Additional line items can be added if industry specific disclosure is required. Otherwise the broad heads given in the format are enough to cover most of the items.

N.Naveena Maheswara Rao

Assistant manager for accounts

1096 Points Joined February 2009

1. Trad payables - If these are related to good are services then always current as these are held for trading, if they are related to others like for purchase of capital goods etc. , then we have to check the other 3 criterias of the definition

2. DTl/DTA - always non current

3. Revised Schedule VI prescribes only mimimum disclosure. We can add additional items like we disclose EPS in the statement of P&Letc..

Sneha dagli

étudiante

197 Points Joined November 2011

Deferred tax liability will be shown as NET.iF DTA>DTL then Non Current asset and if DTL>DTA then non current liability. And items under DTA & DTL will be shown seperatly in notes