Revised Schedule VI

Some general features of Revised Schedule VI of Companies Act

1.     List of shareholders having more than 5% share holding to be given in financial report.

2.     Terms & Conditions for Share Application money are to be mentioned.

3.     Loss will be shown in Liability side of balance sheet under the head Surplus. Thus it will be a negative figure, in case of loss.

4.     Current Liabilities will be shown in the liabilities side of balance sheet. Up to previous year, it happened to be deducted from Current assets in the assets side of balance sheet.

5.     Borrowings are to be bifurcated into Long Term & Short term borrowings. These will be shown under the head Non current liabilities & Current liabilities respectively.

6.     Further borrowings will be classified into Secured & Unsecured.

7.     Period and amount of continuing default as on Balance Sheet date in repayment of loan & interest to be separately specified.

8.     Deferred Tax Assets/Liability to be disclosed under Non Current Assets/Liabilities.

9.     Creditors shall be shown under Current Liabilities as Trade payable

10.                        Current maturities of Long Term debts to be disclosed under Current Liabilities.

11.                        Fixed Assets to be bifurcated as Tangible and Non Tangible assets.

12.                        Current and Non Current Investments to be shown separately.

13.                        Loans & Advances to be broken up in Long term & Short term and to be disclosed in Non Current assets & Current assets respectively.

14.                        Any item in P/L account of amount 1% of revenue from operation or Rs 100000/ - whichever is higher- is to be shown separately.

15.                        Finance cost shall be classified as Interest, Gain/loss in foreign currency, borrowing cost, etc.

16.                        Goods traded in by the company to be disclosed in broad head in Notes.

By

CA. Chiranjiv SodhiB.Com, FCA, DISA(ICA)