Schedule 6 Final
Transcript of Schedule 6 Final
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Schedule VI of the Companies Act, 1956, prescribes theformat of financial statements and disclosure
requirements for corporate entities in India.
As per notification dated 28th March, 2011 by Ministry
of Corporate Affairs the Revised Schedule VI is
applicable to balance sheet & profit & loss account to be
prepared for the financial year commencing on or from
01st April 2011.
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One of the Main aim of revising schedule VI was to attaincompatibility and convergence with IFRS in India.
In may 2008, MCA issued a press release in which it has
committed to convergence with IFRS by April 1, 2011
At the G20 summit on financial Market and World
Economy, then Finance Minister also committed to have
convergence with IFRS in India
Other main object of revising schedule VI was to
eliminate numerous statistical and disclosure
requirements which are not relevant from an investor
perspective.3
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The revised schedule VI intends to familiarize companies with IFRS by using
certain concepts such as current/non-current classification.
The Revised Schedule VI has eliminated the concept of schedules and such
information will now be provided in the notes to accounts. This is as done whenapplying IFRS.
From now on, the compliance requirements of Act and/or Accounting standards
will prevail over schedule VI.
Better presentation, disclosure is intended to facilitate better organised data for
users of financial statement.
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To commence exercise of validating previous year numbers in revised
schedule VI format .
Changes need to be made in MIS / IT systems to collate information of
current /non current portions of assets and liabilities .
Break-up of employee benefit liabilities in current and non current to
be obtained from independent actuary .
Review loan agreement to avoid becoming current liability in case of
non compliance of minor clauses.
Additional time and efforts for the companies and auditors to
understand and implement changes.
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Particulars Note No. Figures for thecurrent reportingperiodRevenue from Operations
Other Income
Total Revenue ( I + II)
Expenses
Cost of Material ConsumedPurchases of Stock in TradeChanges in inventories of finished goodsWork in progress and stock in tradeEmployee Benefit expenseFinance CostsDepreciation and amortization expenseOther expenses
Profit Before Exceptional and extraordinaryitems and tax
Exceptional Items
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Particulars NoteNo. Figures for thecurrent reportingperiodProfit Before extraordinary items and tax
Extraordinary Items
Profit Before Tax
Tax ExpenseCurrent TaxDeferred Tax
Profit (loss) for the period from continuingoperations
Profit (loss) from discontinuing operations
Tax expense of discontinuing operations
Profit(loss) from discontinuing operations(after tax)
Profit (loss) for the period
Earnings per equity share
BasicDiluted
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Nature of the company Disclosure requiredManufacturing company Raw materials under broad heads
and goods purchased under thebroad head .
Trading company Purchases of goods under the
broad heads.
Companies rendering or supplyingservices
Gross income derived fromservices rendered under the broadhead .
Company that falling in more than
category
It will be sufficient compliance with
the requirements ,if purchases,sales and consumption of rawmaterial and the gross incomederived from services renderedunder the broad head .
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Balance sheet
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Balance sheet
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Annual report of TechMahindra Ltd. www.mca.gov.in
Catching up with global trends an article inEconomic Times dated 16th February, 2012
http://www.mca.gov.in/http://www.mca.gov.in/ -
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