Revised Schedule VI Acharya Master Format

PART I Form of BALANCE SHEET
Name of the Company.

Balance Sheet as at
Particulars Note No.
Current
reporting period
Previous
reporting
period
1 2 3 4
I. EQUITY AND LIABILITIES
1. Shareholders funds
(a) Share capital 1 xx xx
(b) Reserves and surplus 2 xx xx
(c) Money received against share warrants (not in IFRS)
2. Share application money pending allotment (not in IFRS) 2A xx xx
3. Non-current liabilities
(a) Long-term borrowings 3 xx xx
(b) Deferred tax liabilities (Net) xx xx
(c) Other Long term liabilities 4 xx xx
(d) Long-term provisions 5 xx xx
4. Current liabilities
(a) Short-term borrowings 6 xx xx
Figures as at the end of
Revised Schedule VI
(` `` ` in)
(a) Short-term borrowings 6 xx xx
(b) Trade payables xx xx
(c) Other current liabilities 7 xx xx
(d) Short-term provisions 8 xx xx
TOTAL XXX XXX
II. ASSETS
1. Non-current assets
(a) Fixed assets
(i) Tangible assets 9 xx xx
(ii) Intangible assets 10 xx xx
(iii) Capital work-in-progress xx xx
(iv) Intangible assets under development xx xx
(b) Non-current investments 11 xx xx
(c) Deferred tax assets (net) xx xx
(d) Long-term loans and advances 12 xx xx
(e) Other non-current assets 13 xx xx
2. Current assets
(a) Current investments 14 xx xx
(b) Inventories 15 xx xx
(c) Trade receivables 16 xx xx
(d) Cash and Bank balances 17 xx xx
(e) Short-term loans and advances 18 xx xx
(f) Other current assets 19 xx xx
TOTAL XXX XXX
Revised Schedule VI - Format
acharya@kgacharya.com 1 of 18 CA K G Acharya
PART II Form of STATEMENT OF PROFIT AND LOSS
Name of the Company.
Profit and loss statement for the year ended
Current
reporting
period
Previous
reporting
period
I. Revenue from operations 22 XXX
Less: Excise Duty XXX
Net Revenue from Operations XXX XXX
II. Other income 23 xxx xxx
III. Total Revenue (I + II) xxx xxx
IV. Expenses:
Cost of materials consumed 24 xxx xxx
Purchases of Stock-in-Trade xxx xxx
Changes in inventories of finished goods, WIP and Stock-in-Trade 25 xxx xxx
Employee benefits expense 26 xxx xxx
Finance costs 27 xxx xxx
Depreciation and amortization expense 9 & 10 xxx xxx
Other expenses 28 xxx xxx
Total expenses xxx xxx
V. Profit before exceptional and extraordinary items and tax (III-IV) (#) xxx xxx
VI. Exceptional items (*) xxx xxx
(` `` ` in)
Figures for the
VI. Exceptional items (*) xxx xxx
VII. Profit before extraordinary items and tax (V - VI) xxx xxx
VIII. Extraordinary Items (*) xxx xxx
IX. Profit before tax (VII- VIII) xxx xxx
X. Tax expense:
(1) Current tax (Regular or MAT) xxx
Less: Mat credit entitlement (If applicable) xxx
Net Current Tax XXX XXX
(2) Deferred tax XXX XXX
XI. Profit (Loss) for the period from continuing operations (IX-X) xxx xxx
XII. Profit/(loss) from discontinuing operations xxx xxx
XIII. Tax expense of discontinuing operations xxx xxx
XIV. Profit/(loss) from Discontinuing operations (after tax) (XII-XIII) xxx xxx
XV. Profit (Loss) for the period (XI + XIV) XXX XXX
XVI. Earnings per equity share:
(1) Basic xxx
(2) Diluted xxx
(#) Companies are at liberty to disclose additional line item such as GP, PBIDTA, PBIT, Etc, which it is ought to do consistently.
G/N of ICAI
(*) Extra-ordinary and Exceptional items are to be disclosed separately on the face of P&L account. But in IFRS there
is nothing called as extra-ordinary & Exceptional items.
Note forming part of Balance Sheet
Particulars Notes No.
Current
reporting
period
Previous
reporting
period
1 2 3 4
1. Share Capital A
Authorized Share Capital
(------ Shares of Rs. --- each)
Issued Share Capital
Subscribed & Fully Paid Up
Subscribed & Not fully Paid Up
Less: Calls unpaid (showing aggregate value of calls unpaid by directors and officers)
Add: Forfeited Shares (amount originally paid up)
[Disclose separately for each class of share capital (Different classes of Preference Shares to be treated separately)]
A. Share Capital
(a) Reconciliation of number of shares outstanding at beginning & end of the reporting period.
Outstanding
Share Capital xx xx xx
xxx xxx xxx
(c) shares of each class held by its holding company or its ultimate holding company (including shares held by or by
subsidiaries or associates of the holding company or the ultimate holding company in aggregate) {Auditor to ensure
correctness of this now}
Note: Where in respect of an issue of securities made for a specific purpose, the whole or part of the amount has not
been used for the specific purpose at the balance sheet date, there shall be indicated by way of note how such unutilized
amounts have been used or invested.
(b) Rights, preferences & restrictions attaching to each class of shares including restrictions on the distribution of
dividends & the repayment of capital.
Outstanding
as at
beginning of
the
Reporting
period
Allotment /
(Buy Back)
during the
Period
Outstanding
as at end of
the Reporting
period
(g) Terms of any securities convertible into equity/preference shares issued along with the earliest date of conversion in
descending order starting from the farthest such date.
- Bought back.
- Allotted as fully paid up by way of bonus shares
- Allotted as fully paid up pursuant to contract(s) without payment being received in cash.
Aggregate number & class of shares
(f) For period of 5 years immediately preceding the Balance Sheet date disclose
(e) shares reserved for issue under options & contracts/commitments for sale of shares/disinvestment, including the
terms & amounts
(d) shares in company held by each shareholder holding > 5% shares specifying number of shares held
3 of 18 CA K G Acharya
Current
reporting
period
Previous
reporting
period
1 2 3 4
2. Reserves & Surplus B
(a) Capital Reserve (Eg: capital profit on re-issue of forfeited shares)
(b) Capital Redemption Reserve
(C) Securities Premium Account (*)
(d)Debenture Redemption Reserve
(e) Revaluation Reserve
(f) Share Options Outstanding Account
(g) Other Reserves (Specify nature & purpose of each reserve & amount in respect thereof)
(h) Surplus
(Additions and deductions since last balance sheet to be shown under each of the specified heads)
(*) Though the terminology used in the Revised Schedule VI is "Securities Premium Reserve " the nomenclature as per the
Act is "Securities Premium Account". Accordingly, the terminology of the Act should be used. (G/N of ICAI)
(c) Surplus i.e. balance in Statement of P & L disclosing allocations and appropriations such as dividend, bonus shares and
transfer to/from reserves etc.,
(b) Debit balance of statement of P & L shall be shown as a -ve figure under the head Surplus. (Similarly, the balance of
R&S, after adjusting -ve balance of surplus, if any, shall be shown under the head R&S even if resulting figure is in -ve)
(a) A reserve specifically represented by earmarked investments shall be termed as a fund.
B. Reserves & Surplus
Current
reporting
period
Previous
reporting
period
1 2 3 4
2A. Share Application Money (SAM) pending allotment BB
SAM received for allotment of Securities and due for refund and interest accrued thereon.
(Includes advance towards allotment of share capital)
The following should be disclosed.
i. Terms and Conditions.
ii. Number of shares proposed to be issued.
iii. Amount of premium, if any.
iv. Period before which shares shall be allotted
vi. Interest accrued on amount due for refund.
BB. SAM pending allotment
v. Whether it has sufficient authorised capital to cover the share capital amount resulting fromallotment of shares out of
such SAM.
vii. Period for which SAM has been pending beyond the period for allotment as mentioned in the document inviting
application for shares (along with the reason)
==> SAM to the extent refundable; i.e the amount in excess of subscription or in case the requirements of minimum
subscription are not met, shall be shown under 'Other current liabilities'.
==> SAM not Exceeding the issued capital and the extent not refundable shall be shown under the head "Equity".
Note
The disclosure from i to vii should be made in respect of amounts classified under both "Equity" as well as "Other
current liabilities", wherever applicable
Current
reporting
period
Previous
reporting period
1 2 3 4
3. Long - Term Borrowings C
i. Bonds/Debentures
Secured
Unsecured
ii.Term Loans from
a. Banks
Secured
Unsecured
b. Other parties
Secured
Unsecured
iii. Deferred payment liabilities (Eg: Def Sales Tax, Def Payment for acquisition of FA etc)
iv.Deposits
v.Loans and advances from related parties
vi.Long term maturities of finance lease obligations
vii.Other loans & advances (Specify nature)
II. Where loans have been guaranteed by directors or others, the aggregate amount of such loans under each head.
I. Nature of security shall be specified separately in each case.
C. Long - Term Borrowings
When promoters, other shareholders or any third party have given any personal security for any borrowings, such as shares or
other assets held by them, disclosure should be made thereof, though such security does not result in the classification of such
IV. Particulars of any redeemed bonds/ debentures which the company has power to reissue.
VI. Period and amount of continuing default as on the B/s date in repayment of loans and interest in each case.
This disclosure should be made preferably for each loan unless the repayment terms of individual loans within a
category are similar, in which case, they may be aggregated. (G/N of ICAI)
The revised schedule VI requires specific disclosure only for default in repayment of loans and interest and not for other
defaults. (G/N of ICAI)
V. Terms of repayment of term loans and other loans.
Disclosure of repayment terms should include the period of maturity with respect to the Balance sheet date, number and amount
of installments due, the applicable rate of interest and other significant relevant terms if any. (G/N of ICAI)
Any default in repayment that had occurred during the year & was subsequently made good as on BS date need not be disclosed
(G/N of ICAI)
other assets held by them, disclosure should be made thereof, though such security does not result in the classification of such
borrowing as secured. (G/N of ICAI).
III. Bonds/debentures (along with the rate of interest and particulars of redemption or conversion, as the case may be) shall be
stated in descending order of maturity or conversion, starting from farthest redemption or conversion, as the case may be. Where
bonds/debentures are redeemable by installments, the date of maturity for this purpose must be reckoned as the date on which
the first installment becomes due.)
Current
reporting
period
Previous
reporting
period
1 2 3 4
4. Other Long Term Liabilities D
(a) Trade Payables
(b) Others (specify nature) (such as Trade and Security Deposit as per G/N of ICAI or capex payable)
" A payable is classified as a 'Trade Payable' if it is in respect of the amount due on account of goods purchased
or services received in the normal course of business "
G/N of ICAI :
Current Previous
1. Principal & interest due thereon remaining unpaid to any supplier as at the year end;
2.Interest paid U/s 16, with payment made to supplier beyond the appointed day during each accounting year;
3.Interest due and payable for the period of delay in making payment.
4.Interest accrued and remaining unpaid at the end of each accounting year; and
5.Further interest remaining due & payable in succeeding years, until such date when the interest dues as above are actually
paid to the small enterprise, for the purpose of disallowance as a deductible expenditure u/s 23.
According to S. 22 of MSMEDA, where any buyer is required to get his annual accounts audited under any law for the time
being in force, he shall furnish following additional information in his annual statement of accounts.
(a)Though not specifically required by the Schedule VI, disclosures mandate by other acts or legal requirements will have to be
made in the financial Statements. For Example, The Micro, small and Medium Enterprises Development (MSMED) Act, 2006
requires specified disclosures to be made in the annual Financial statements of the buyer wherever such Financial Statements
are required to be audited under any law.
D. Trade Payables
Current
reporting
period
Previous
reporting
period
1 2 3 4
5. Long - Term Provisions
(a) Provision for employee benefits
(b) Others (specify nature) (eg: Provision for warranties - G/N of ICAI)
Current
reporting
period
Previous
reporting
period
1 2 3 4
6. Short - Term borrowings E
(a) Loans repayable on demand from
(i)Banks
Secured
Unsecured
(ii)Other parties
Secured
Unsecured
(b) Loans & advances from related parties
(c) Deposits
(d) Other loans & advances (specify nature)
III. Period and amount of default as on the B/s date in repayment of loans and interest in each case.
G/N of ICAI as mentioned under "C" (Long term Borrowings) shall also be applicable to short term Borrowings.
II. Where loans have been guaranteed by directors or others, the aggregate amount of such loans under each head.
I. Nature of security shall be specified separately in each case.
E. Short - Term Borrowings
Current
reporting
period
Previous
reporting
period
1 2 3 4
7. Other Current Liabilities
(a) Current maturities of Long - Term debt
(b) Current maturities of finance lease obligations
(c) Interest accrued but not due on borrowings
(d) Interest accrued & due on borrowings
(e) Income received in advance
(f) Unpaid dividends
(g) Share application money received & due for refund & interest accrued thereon
(h) Unpaid matured deposits & interest accrued
(i) unpaid matured debentures & interest accrued.
(j) Other payables (Specify Nature) (Such as TDS, ST, VAT, ED payable, Trade & Security Deposit - G/N of ICAI)
Current
reporting
period
Previous
reporting
period
1 2 3 4
8. Short - Term provisions
(a) Provision for employee benefit
(b) Others (specify nature) (Provision for dividend, taxation, warranties, etc. - G/N of ICAI)
9. Fixed Assets (Disclose Asset under lease separately for each class)
Particulars As at Additions Disposal As at Rate of Upto For the Withdrawn Total As at As at
Beginning of the
reporting period
(if by Demerger
show separately
G/N)
Other
Adjustmen
ts (#)
End of the
reporting period
Depn. Last year year
Beginning of the
reporting period
End of the
reporting period
9 .Tangible Assets
Land (Freehold or Leasehold separately as per G/N) XX XX XX XX XX XX 0.00% XX XX XX XXX XXX XXX
Buildings XX XX XX XX XX XX 3.34% XX XX XX XXX XXX XXX
Plant & Equipment XX XX XX XX XX XX 4.75% XX XX XX XXX XXX XXX
Furniture & Fixtures XX XX XX XX XX XX 6.33% XX XX XX XXX XXX XXX
Vehicles XX XX XX XX XX XX 9.50% XX XX XX XXX XXX XXX
Office Equipment XX XX XX XX XX XX 4.75% XX XX XX XXX XXX XXX
Others( if any specify) XX XX XX XX XX XX
Applicable
rate
XX XX XX XXX XXX XXX
Total XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX
10 .Intangible Assets
Good Will XX XX XX XX XX XX XX XX XX XXX XXX XXX
Gross Carrying Value
Acquisitions
through business
combinations
Depreciation & Amortization ( Refer Note) Net Carrying Value
Good Will XX XX XX XX XX XX XX XX XX XXX XXX XXX
Brands / Trademarks XX XX XX XX XX XX XX XX XX XXX XXX XXX
Computer Software XX XX XX XX XX XX XX XX XX XXX XXX XXX
Mastheads & Publishing titles XX XX XX XX XX XX XX XX XX XXX XXX XXX
Mining rights XX XX XX XX XX XX XX XX XX XXX XXX XXX
Copyrights, Patents & other intellectual property rights,
Services & operating rights XX XX XX XX XX XX XX XX XX XXX XXX XXX
Recipes, formulae, models, designs & prototypes XX XX XX XX XX XX XX XX XX XXX XXX XXX
Licenses & franchise. XX XX XX XX XX XX XX XX XX XXX XXX XXX
Others (specify nature) XX XX XX XX XX XX XX XX XX XXX XXX XXX
Total XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX
Previous Year XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX
Note: Additionally if there are any impairment losses/reversals, the same should be disclosed separately.
C. Assets under lease to be separately specified under each class of asset.
G/N of ICAI : Assets given on Operating Lease in case of lessor & Assets held under Financial Lease in case of lessee.
(#) Such as capitalization of exchange difference if company has exercised the option as per AS-11 and / or capitalization of borrowing cost as per AS-16.
However AS-10 requires it to be given as long as the concerned asset are held by the enterprise.{G/N of ICAI}. AS-10 prevails over Revised Schedule VI. AS-10 requires in case of revaluation, gross book values of revalued assets, method adopted to compute revalued
asset, nature of indices used, year of appraisal, involvement of external valuer as long as the concerned assets are held by the enterprise.
A. Where sums have been written off on reduction of capital or revaluation of assets or where sums have been added on revaluation of assets, every B/s subsequent to date of such write-off, or addition shall show the reduced or
increased figures as applicable.
B. AS-26 does not permit Revaluation of Intangible assets.
F. Tangible Asset/Intangible Asset
(Note to provide the amount of the reduction or increase as applicable together with the date thereof for the first 5 years subsequent to the date of such reduction or increase.)
Current
reporting
period
Previous
reporting
period
1 2 3 4
11. Non - Current Investments G
(Showing Separately as Trade investments and other investments and further classified as)
Investment in
(a) Investment Property
(b) Equity Instruments
(c) Preference Shares
(d) Government / Trust securities
(e) Debentures / Bonds
(f) Mutual Funds
(g) Partnership Firms
(h) Other non-current investments (specify nature)
(ii) associates,
(iii) joint ventures,
(iv) controlled special purpose entities (Not defined here nor in AS) &
A2. Nature and extent (No. & Face Value of shares as per G/N) of the investment so made in each such body corporate
(showing separately investments which are partly-paid).
B. Investments in the capital of partnership firms, the names of the firms (with the names of all their partners, total capital
G. Non Current Investments
A1. Under each classification, details of names of the bodies corporate in whom investments have been made (indicating
separately whether such bodies are)
(i) subsidiaries,
b) Aggregate amount of unquoted investments;
c) Aggregate provision for diminution in value of investments
C. Investments carried at other than at cost should be separately stated specifying the basis for valuation thereof.
Note:2
The term "Trade Investments" is not defined either in Revised Schedule VI or in Accounting Standards. The term trade
investment is however, normally understood as an investment made by company in shares or debentures of another
company, to promote the trade and business of the first company. (G/N of ICAI)
Note:1
As per AS 13 all long-term (non-current) investments are required to be carried at cost. However, when there is a decline,
other than temporary, in the value of a long-term investment, the carrying amount is reduced to recognize the decline.
Accordingly, the value of each long-term investment should be carried at cost less provision for other than temporary
diminution in the value thereof. As per the Revised Schedule VI, the aggregate amount of provision made in respect of all
non-current investments should also be separately disclosed. (G/N of ICAI)
D. The following shall also be disclosed:
a) Aggregate amount of quoted investments and market value thereof;
B. Investments in the capital of partnership firms, the names of the firms (with the names of all their partners, total capital
of each partner) shall be given.
Current
reporting
period
Previous
reporting
period
1 2 3 4
12. Long-term loans & advances H
(a)Capital Advances
Secured, considered good
Unsecured, considered good
Doubtful
(b)Security Deposits
Doubtful
(c)Loans & advances to related parties
Doubtful
(d)Other loans & advances (specify nature) #
Doubtful
( # It includes prepaid expenses, Advance Tax, CENVAT Credit Receivable, VAT Credit Receivable, Service
Tax Receivable etc., not expected to be realised in 12 months, or operating cycle whichever is longer
from the BS date.)
Current
reporting
period
Previous
reporting
period
1 2 3 4
13. Other non-current assets I
(a)Long Term Trade Receivables
(include trade receivables on deferred credit term)
Doubtful
(b)Others( specify nature)
(such as insurance claim, sale of FA, contractually re-imbursable expense, Interest accrued
on Trade Receivables, etc.,) (G/N of ICAI)
I. Other Non Current Assets
Trade Receivable - " Receivable in respect of goods sold or services rendered in the normal course of business ."
b.Debts due by directors or other officers of the company or any of them either severally or jointly with any other person
or debts due by firms or private companies respectively in which any director is a partner or a director or a member should
be separately stated.
a. Allowance for bad and doubtful loans and advances shall be disclosed under the relevant heads separately.
H. Long - Term Loans & Advances
a. Allowance for bad and doubtful debts shall be disclosed under the relevant heads separately.
b. Loans and advances due by directors or other officers or any of them either severally or jointly with any other persons or
amounts due by firms or private companies respectively in which any director is a partner or a director or a member
should be separately stated.
be separately stated.
Current
reporting
period
Previous
reporting
period
1 2 3 4
14. Current Investments J
Investments in
(a) Equity Instruments
(b) Preference Shares
(c) Government / Trust securities
(d) Debentures / Bonds
(e) Mutual Funds
(f) Partnership Firms
(g) Other investments (Specify Nature)
(iii) joint ventures, or
(ii) associates,
(iv) controlled special purpose entities and
J. Current Investments
B. Investments in the capital of partnership firms, the names of the firms (with the names of all their partners, total capital and the
shares of each partner) shall be given.
C. The following shall also be disclosed:
a) The basis of valuation of individual investments
b) Aggregate amount of quoted investments and market value thereof;
A2. Nature and extent (No. & Face Value of shares as per G/N) of the investment so made in each such body corporate (showing
separately investments which are partly-paid).
(i) subsidiaries,
A1 . Under each classification, details shall be given of names of the bodies corporate in whom investments have been made
(indicating separately whether such bodies are)
d)Aggregate provision made for diminution in value of investments. {Though such a write down is not a provision as per
AS-13 - (G/N of ICAI)}
Current
reporting
period
Previous
reporting
period
1 2 3 4
15. Inventories K
(a) Raw Materials
(b) Work - in - Progress
(c) Finished Goods
(d) Stock-in-trade (for trading goods)
(e) Stores & spares
(f) Loose tools
(g) Others (specify nature)
b) Aggregate amount of quoted investments and market value thereof;
c) Aggregate amount of unquoted investments;
A. Goods-in-transit shall be disclosed under the relevant sub-head of inventories.
B. Mode of valuation shall be stated.
K. Inventories
Current
reporting
period
Previous
reporting period
1 2 3 4
16. Trade Receivables L
(a) Secured, considered good
(b) Unsecured, considered good
(c) Doubtful
Current
reporting
period
Previous
reporting period
1 2 3 4
17. Cash & Bank Balances M
I. Cash & Cash equivalents
(a) Balances with banks
(b) Cheques, drafts on hand
"Trade receivables includes amount due on goods sold or services rendered in the company's normal course of business."
(Out of the above, an aggregate amount of ` _____ is outstanding for a period exceeding 6 months from the date they are
due for payment.)
A. Allowance (Provision) for bad and doubtful debts shall be disclosed (and deducted) under the relevant heads separately.
L. Trade Receivables
B. Debts due by directors or other officers of the company or any of themeither severally or jointly with any other person or debts
due by firms or private companies respectively in which any director is a partner or a director or a member should be separately
stated.
(b) Cheques, drafts on hand
(c) Cash on hand
(d) Others (specify nature)
II. Earmarked balances with banks ( For eg-unpaid dividend)
III. Balances with banks - held as margin money or security deposits
against borrowings, guarantee/ other commitments
IV. Repatriation restrictions( if any)
V. Bank deposits with more than 12 months maturity
M. Cash and Cash Equivalents.
As per FAQ 26 of ICAI
Classification of FDs with Lien over a liabilty will be coterminous with the liability itself.Current or non-current distinction will be
applied based on the expectation to be realised within 12 months after the reporting date. Interest accrued on such deposit will
also be treated on the same basis.
As per G/N of ICAI
A.The Revised Schedule VI requires the heading as Cash and cash equivalents, which would have a conflict with its definition in
AS-3. Accordingly, the conflict should be resolved by changing the caption "Cash and Cash equivalents" to "Cash and bank
balances", with "Other Bank Balance" being the residue.
B. "Other bank balances" would comprise of items such as balances with banks to the extent held as margin money or security
against borrowings etc, and bank deposits with more than three months maturity. Bank deposits with more than three months
maturity will also need to be separately disclosed under the sub head "Other Bank Balances". The Non-Current portion of each of
the above balances will have to be classified under the head "Other Non- Current assets" with separate disclosure thereof.
Current
reporting
period
Previous
reporting period
1 2 3 4
18. Short-Term Loans and Advances N
(a) Loans and advances to related parties
Doubtful
(b) Others (specify nature)
Doubtful
(Advance to Suppliers for which supplies are expected in next 12 months or within operating cycle)
Current
reporting
period
Previous
reporting period
1 2 3 4
19. Other current assets (Specify Nature)
(Residual Current Assets such as Unbilled Revenue, unamortised premium of forward contracts, Int. accrued on Investments,
A. Allowance for bad and doubtful loans and advances shall be disclosed under the relevant heads separately.
N. Short Term Loans and Advances
B. Loans and advances due by directors or other officers of the company or any of them either severally or jointly with any other
person or amounts due by firms or private companies respectively in which any director is a partner or a director or a member
shall be separately stated.
(Residual Current Assets such as Unbilled Revenue, unamortised premium of forward contracts, Int. accrued on Investments,
Export Incentive receivables etc.,)
Contingent liabilities
(a) Claims against the company not acknowledged as debt
(b) Guarantees
(c) Other money for which the company is contingently liable
Commitments
(a) Estimated amount of contracts remaining to be executed on capital account & not provided for
(b) Uncalled liability on shares & other investments partly paid
(c) Others (specify nature)
21. Proposed Dividends O
Others
2. If, in the opinion of the Board, any of the assets other than fixed assets and non-current investments do not have a value on
realization in the ordinary course of business at least equal to the amount at which they are stated, the fact that the Board is of
that opinion, shall be stated.
Arrears of fixed cumulative dividends on preference shares shall also be disclosed separately.
1. Where in respect of an issue of securities made for a specific purpose, the whole or part of the amount has not been used for
the specific purpose at the Balance Sheet date, there shall be indicated by way of note how such unutilized amounts have been
used or invested.
Contrary to AS-4 which requires the existing systemof providing for proposed dividend instead of a mere disclosure, as required in
Revised schedule VI. AS- 4 shall prevail till it is amended.
20. Contingent liabilities & commitments ( To the extent not provided for)
Dividends proposed to be distributed to equity and preference shareholders for the period and the related amount per share shall
be disclosed separately.
O. Dividends
Note forming part of Profit and Loss Account
22. Revenue from Operations
Other than Finance Company
(i) Sale of Products xxx
(ii) Sale of Services xxx
(iii) Other Operating Revenues xxx
xxx
Less: Excise Duty P xxx xxx
Finance Company
(i) Interest xxx
(ii) Other financial Services xxx xxx
(Revenue under different heads to be disclosed in notes separately)
B. The term other operating revenue is not defined. This would include Revenue arising from a companys operating
P. Excise Duty (G/N of ICAI)
A. As per AS- 9 "Revenue Recognition", the above disclosure in respect of Excise duty needs to be shown on the face of
the statement of Profit and loss. Since Accounting Standards Override Revised Schedule VI, the presentation in respect of
Excise duty will have to be made on the face of the statement of profit and loss account. In doing, so a company may
choose to present the elements of revenue from sale of products, sale of services and other operating revenues also on
the face of the statement of profit and loss instead of the notes.
Figures for the
Current reporting
period
Previous reporting
period
C.Net foreign exchange gain should be classified as Other Income. This is because such gain or loss arises purely on
account of fluctuation in exchange rates and not on account of sale of products or services rendered, unless the business
of the company is to deal in foreign exchange
B. The term other operating revenue is not defined. This would include Revenue arising from a companys operating
activities, i.e., either its principal or ancillary revenue-generating activities, but which is not revenue arising from the sale
of products or rendering of services. Whether a particular income constitutes other operating revenue or other
income is to be decided based on the facts of each case and detailed understanding of the companys activities. The
classification of income would also depend on the purpose for which the particular asset is acquired or held. For instance,
a group engaged in manufacture and sale of industrial and consumer products also has one real estate arm. If the real
estate arm is continuously engaged in leasing of real estate properties, the rent arising from leasing of real estate is likely
to be other operating revenue. On the other hand, consider a consumer products company which owns a 10 storied
building. The company currently does not need one floor for its own use and has given the same temporarily on rent. In
that case, lease rent is not other operating revenue; rather, it should be treated as other income. To take other
examples, sale of Fixed Assets is not an operating activity of a company, and hence, profit on sale of fixed assets should
be classified as other income and not other operating revenue. On the other hand, sale of manufacturing scrap arising
from operations for a manufacturing company should be treated as other operating revenue since the same arises on
account of the companys main operating activity.
Note forming part of Profit and Loss Account
Particulars
Figures for the
Current
reporting
period
Previous
reporting period
23. Other Income
(i) Interest Income (In case of a Co. other than a finance Co.)(^)
(ii) Dividend Income (^)
(iii) Net gain or loss on sale of Investments (^)
(iv) Other Non-operating income (Net of expenses directly attributable to such income)
(Expenses so netted off should be separately disclosed - G/N of ICAI)
(^) Disclose Separately for current as well as long term investments as required by AS-13.
24. Cost of Materials Consumed
Raw Materials
Opening Stock
Add: Purchases
Less: Closing Stock
25. Changes in Inventories of Finished Goods
Opening Stock
Less: Closing Stock
Work In Progress
Opening Stock Opening Stock
Less: Closing Stock
26. Employee Benefits Expenses
(i) Salaries & Wages
(ii) Contribution to Provident & Other Funds
(iii) Expenses on ESOP & ESPP
(iv) Staff Welfare expenses
27. Finance Costs
(i) Interest Expense (incl. Finance Lease charges)
(ii) Other Borrowing Costs
(iii) Net gain or loss on Foreign Currency transaction/translation (as per 4(e) of AS-16)
28. Other Expenses
(i) Consumption of stores & spare parts
(ii) Power & fuel
(iii) Rent
(iv) Repairs to buildings
(v) Repairs to machinery
(vi) Insurance
(vii) Rates & Taxes excluding taxes on income
(viii) Miscellaneous Expenses
(i)
(ii)
(iii)
(iv)
(v)
(vi)
(vii)
(viii)
Details of items of exceptional and extraordinary nature
Prior period items
(a) In case of manufacturing companies -
Raw Materials under broad heads
goods purchased under broad heads
(b) In the case of trading companies
Purchases of goods traded under broad heads.
(c ) In the case of companies rendering or supplying services
gross income derived form services rendered or supplied under broad heads.
(d) In the case of a company, which falls under more than one of the categories mentioned in (a), (b) and
(c) above, it shall be sufficient compliance with the requirements herein if purchases, sales and
consumption of raw material and the gross income from services rendered is shown under broad heads.
(e) In the case of other companies, gross income derived under broad heads.
Disclosure by way of notes additional information regarding aggregate Expenditure and Income on the following items
Any item of income or expenditure which exceeds 1% of revenue from operations / Rs.1,00,000 (Earlier
Rs.5,000) , whichever is higher;
Net gain/loss on sale of investment
Adjustments to carrying amount of investments (pursuant to dimunition or reversal thereof)
Net gain or loss on foreign currency transaction and translation (other than considered as finance cost);
Payments to the auditor as
- Auditor
- Taxation matters (Includes Tax Audit Fees, Certification fee as required under IT Act, Tax advisory services)
- Company law matters (Includes certification as required under Companies Act, Co law advisory services)
- Management services
- Other services (Includes Limited Review, Group Reporting, Other attest services & certificates under other Laws etc.,)
- Reimbursement of expenses
(ix)
(x)
(xi)
(b) The aggregate, if material, of any amounts withdrawn from such reserves.
In the case of all concerns having works in progress, works-in-progress under broad heads.
- Broad Heads shall be decided taking into account the MATERIALITY CONCEPT & presentation of True & Fair View of FS. (10% of
sales/service/purchases could be an acceptable thumb rule as per G/N of ICAI)
(a) The aggregate, if material, of any amounts set aside or proposed to be set aside, to reserve, but not
including provisions made to meet any specific liability, contingency or commitment known to exist at the
date as to which the balance-sheet is made up.
(e) In the case of other companies, gross income derived under broad heads.
(a) The aggregate, if material, of the amounts set aside to provisions made for meeting specific liabilities,
contingencies or commitments. (Earlier Schedule VI only Capital Commitments).
(b) The aggregate, if material, of the amounts withdrawn from such provisions, as no longer required.
(a) Dividends from subsidiary companies.
- Earlier recognized, if such dividend pertains to period under reporting.
- Now recognized as per AS-9 i.e. when right to receive dividend is established.
(b) Provisions for losses of subsidiary co's. (With respect to investment only as per AS-13 - G/N of ICAI)
DisclosurebywayofnotesadditionalinformationregardingaggregateExpenditureandIncomeonthefollowingitems
(ContinuingfromOldScheduleVI)
The P&L Account shall also contain by way of a note the following information viz TheP&LAccountshallalsocontainbywayofanotethefollowinginformation,viz.,
(a)ValueofimportscalculatedonC.I.Fbasisduringthefinancialyearinrespectof
Rawmaterials;
Componentsandspareparts;
Capitalgoods (Tobecomplied,althoughitisnotaP&LA/citemG/NofICAI)
G/N f ICAI G/NofICAI
1.ReportevenwhenpaidinRupee.
2.Purchasesnotconsumptionfollowingaccrualbasisistobereported.
3.Onlydirectimports.(Purchaseofimportedmaterialfromdomesticsourcesnotcovered).
4.IncaseofpartshipmentA/cforpartimportsonreasonableestimate,ifownershipistransferred.
5.IfcoisimportingonFOBvalueCotoworkoutapproxCIFvaluesfordisclosurepurposes.
(b) E pendit re in forei n c rrenc d rin the financial ear on acco nt of ro alt kno ho professional and (b) Expenditure in foreign currency during the financial year on account of royalty, knowhow, professional and
consultationfees,interest,andothermatters;
G/NofICAI
1.Noforex,nodisclosurerequired.
2.AccrualbasedNotbasedonremittance.
3.OtherMatterscouldincludeanypaymentsinforexnotcoveredearlier.Eg.ForeignTaxes. 3.OtherMatterscouldincludeanypaymentsinforexnotcoveredearlier.Eg.ForeignTaxes.
(c) Total value of all imported raw materials, spare parts and components consumed during the financial year and the
total value of all indigenous raw materials, spare parts and components similarly consumed and the percentage of each
tothetotalconsumption;
G/NofICAI
1.EvenwhenpaidinRupee 1.EvenwhenpaidinRupee
2.TotalconsumptiontotallywithP&LA/cFigure.
3.WhenStocksarenotissuedforconsumptionasimportedandindigeneous(i.e.Mixedup)thenapply%basedontheratioof
{Openingstock+Purchases}.
(d) The amount remitted during the year in foreign currencies on account of dividends with a specific mention of the total
number of nonresident shareholders, the total number of shares held by them on which the dividends were due and the
yeartowhichthedividendsrelated;
G/NofICAI
1.Ifdividendispaidtononresidentinrupeesthennodisclosurerequired
2.Infotobefurnishedintheyearofpayment&notintheyearproposedordeclared(cashbaseddisclosure)
3.Infoofamountandnumberofshareholderonlywhendividendisremitted.
(e)Earningsinforeignexchange classifiedunderthefollowingheads,namely:
Export of goods calculated on F O B basis; ExportofgoodscalculatedonF.O.B.basis;
Royalty,knowhow,professionalandconsultationfees;
Interestanddividend;
Otherincome,indicatingthenaturethereof
G/NofICAI
1.Accrualbasis
2.DiscloseincomeongrossbasiswithTDSmadebeingshownunderforexexpensesunder(b)above.
3 Only direct exports to be covered 3.Onlydirectexportstobecovered.
ExplanationstoNotes(E)
E1
ClassificationofassetsasCurrentAssets
Anassetshallbeclassifiedascurrentwhenitsatisfiesanyofthefollowingcriteria:
a)itisexpectedtoberealizedin,orisintendedforsaleorconsumptionin,thecompanysnormaloperatingcycle(Anoperating
cycleisthetimebetweentheacquisitionofassetsforprocessingandtheirrealizationincashorcashequivalents.Wherethe
normaloperatingcyclecannotbeidentified,itisassumedtohaveadurationof12months);
b) itisheldprimarilyforthepurposeofbeingtraded;
c) itisexpectedtoberealizedwithintwelvemonthsafterthereportingdate;or
d) itiscashorcashequivalentunlessitisrestrictedfrombeingexchangedorusedtosettlealiabilityforatleasttwelvemonths
afterthereportingdate.
Allotherassetsshallbeclassifiedasnoncurrent.
E2
ClassificationofliabilityasCurrentLiability
Aliabilityshallbeclassifiedascurrentwhenitsatisfiesanyofthefollowingcriteria:
a) itisexpectedtobesettledinthecompanysnormaloperatingcycle;
b) it is held primarily for the purpose of being traded; b) itisheldprimarilyforthepurposeofbeingtraded;
c) itisduetobesettledwithintwelvemonthsafterthereportingdate;or
d) thecompanydoesnothaveanunconditionalrighttodefersettlementoftheliabilityforatleasttwelvemonthsafterthe
reportingdate.Termsofaliabilitythatcould,attheoptionofthecounterparty,resultinitssettlementbytheissueofequity
instrumentsdonotaffectitsclassification.
Allotherliabilitiesshallbeclassifiedasnoncurrent.
EN3 EN 3
Each item on the face of the Balance Sheet and Statement of Profit and Loss shall be crossreferenced to any related information in the
notes to accounts. In preparing the Financial Statements including the notes to accounts, a balance shall be maintained between providing
excessive detail that may not assist users of financial statements and not providing important information as a result of too much
aggregation.
EN4
Except in the case of the first Financial Statements laid before the Company (after its incorporation) the corresponding amounts
(comparatives) for the immediately preceding reporting period for all items shown in the Financial Statements including notes shall also be (comparatives) for the immediately preceding reporting period for all items shown in the Financial Statements including notes shall also be
given.
EN5
Dependingupontheturnoverofthecompany,thefiguresappearingintheFinancialStatementsmayberoundedoffasbelow:
TurnoverRoundingoff
(i)lessthanonehundredcrorerupeesTothenearesthundreds,thousands,lakhsormillions,ordecimalsthereof.
(ii)onehundredcrorerupeesormoreTothenearest,lakhs,millionsorcrores,ordecimalsthereof.
O i f i d I h ld b d if l i h Fi i l S Onceaunitofmeasurementisused.IsshouldbeuseduniformlyintheFinancialStatements.

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PART I Form of BALANCE SHEET

Name of the Company.

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