Beruflich Dokumente
Kultur Dokumente
OVERVIEW ON
REVISED SCHEDULE VI
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Rounding off
To the nearest hundreds, thousands, lakhs or
millions, or decimals thereof.
To the nearest lakhs, millions or crores, or
decimals thereof.
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Particulars
Note
No.
(1)
(a)
(b)
(c)
Shareholders funds
Share capital
Reserves and surplus
Money received against share warrants
XX
XX
XX
XX
XX
XX
(2)
XX
XX
(3)
(a)
(b)
(c)
(d)
Non-current liabilities
Long-term borrowings
Deferred tax liabilities (Net)
Other Long term liabilities
Long-term provisions
XX
XX
XX
XX
XX
XX
XX
XX
(4)
(a)
(b)
(c)
(d)
Current liabilities
Short-term borrowings
Trade payables
Other current liabilities
Short-term provisions
XX
XX
XX
XX
XX
XX
XX
XX
TOTAL
XX
XX
Contd
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ASSETS
(1)
(a)
(i)
(ii)
(iii)
(iv)
(b)
(c)
(d)
(e)
Non-current assets
Fixed assets
Tangible assets
Intangible assets
Capital work-in-progress
Intangible assets under development
Non-current investments
Deferred tax assets (net)
Long-term loans and advances
Other non-current assets
XX
XX
XX
XX
XX
XX
XX
XX
XX
XX
XX
XX
XX
XX
XX
XX
XX
XX
(2)
(a)
(b)
(c)
(d)
(e)
(f)
Current assets
Current investments
Inventories
Trade receivables
Cash and cash equivalents
Short-term loans and advances
Other current assets
XX
XX
XX
XX
XX
XX
XX
XX
XX
XX
XX
XX
TOTAL
XX
XX
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Long-term borrowings
Deferred tax liabilities (Net)
Other long term liabilities
Long-term provisions
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Short-term borrowings
Trade payables
Other current liabilities
Short-term provisions
2.
3.
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Format
1.
2.
3.
4.
5.
b.
Fixed Assets
a. Tangible Assets
b. Intangible Assets
c. Capital Work in progress Related to Tangible assets
d. Intangible assets under development
Non-current investments
Deferred Tax assets (net)
Long term loans and advances
Other non-current assets
Tangible assets
a. Assets under lease shall be separately identified under each class of asset.
b. Any acquisitions through business combinations and other adjustments and the
related depreciation and impairment losses/reversal shall be disclosed separately.
The term Business combination however has not been defined under The
Companies Act or any of the notified Accounting standards. The definition of
business combination as defined under Ind AS 103 on Business Combinations
can be referred here as;
A transaction or other event in which an acquirer obtains control of one or more
businesses. Transactions sometimes referred to as 'true mergers' or 'mergers of
equals' are also business combinations as that term is used in this IFRS.
The above seems having no significant impact under existing scenario where the
term has not been used by the existing notified Accounting Standards except the
separate disclosure of addition/deduction in case of Amalgamation as defined
under Accounting standard -14 on Accounting for Amalgamations.
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Intangible assets
a. Intangible assets are to be classified as:
i. Goodwill
ii. Brands/trademarks
iii. Computer software
iv. Mastheads and publishing titles
v. Mining rights
vi. Copyrights, and patents and other intellectual property rights, services, and
operating rights
vii. Recipes, formulae, models, designs and prototypes
viii. Others (Specify nature)
3.
Non-current Investments
a. Non-current investments to be further classified into trade investments and other
investments and further classified as:
i. Investment property
ii. Investments in Equity Instruments
iii. Investments in preference shares
iv. Investments in Government or trust securities
v. Investments in debentures and bonds
vi. Investments in Mutual funds
vii. Investments in partnership firms
Note: There was no separate disclosure requirement for investment property earlier.
Investment property has been defined under AS- 13 Accounting for Investments
as an investment in land or building that are not intended to be occupied
substantially for use by , or in the operations of , investing enterprise. Now under the
revised guidelines, investment property needs to be disclosed separately under the
head non-current investments and guidelines of AS-13 shall be applied.
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4.
b.
Under each classification, details shall be given of names of the bodies corporate
(indicating separately whether such bodies are (i) subsidiaries, (ii) associates, (iii)
joint ventures, or (iv) controlled special purpose entities) in whom investments have
been made and the nature and extent of the investment so made in each such body
corporate (showing separately investments which are partly-paid).
c.
The Requirement of investment purchased and sold during the year and disclosure of
investment in Companies under same management has been done away with.
5.
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b.
Current Investments
Inventories
Trade Receivables
Cash and Cash equivalents
Short term loans and advances
Other current assets
Significant changes
i. The term sundry debtors has been substituted with the term trade receivables. Trade
receivables are defined as dues arising only from goods sold or services rendered in the
normal course of business. Therefore, amounts due on account of other contractual
obligations, which were earlier included in the sundry debtors, can no longer be included in
the trade receivables.
ii. Previous Schedule VI required separate disclosure of debtors (i) outstanding for a period
exceeding 6 months (i.e., based on billing date) and (ii) other debtors, in a Schedule to the
balance sheet. However, the revised Schedule VI requires separate disclosure of trade
receivables outstanding for a period exceeding 6 months from the date they became due for
payment.
iii. No needs to mention bank balance with schedule banks and other banks. All the banks are
now falls under the same category. Further the requirements of giving maximum balances in
non schedules banks have also been removed.
iv. Revised schedule VI now talks about Cash Equivalents- Cash Equivalent as per AS- 3 are
short terms, highly liquid investments that are readily convertible into known amount of
cash and which are subject to an insignificant risk of change in values. The revised schedule
VI under dis- aggregations of cash & cash equivalent is however silent about the same.
v. Earmarked balances with banks (for example, for unpaid dividend) shall be separately
stated.
vi. Balances with banks to the extent held as margin money or security against the borrowings,
guarantees, other commitments shall be disclosed separately.
vii. Repatriation restrictions, if any, in respect of cash and bank balances shall be separately
stated.
viii. Bank deposits with more than 12 months maturity shall be disclosed separately.
ix.
Various disclosure under Micro , small and medium enterprises development Act 2006
Separate disclosures to dues to subsidiaries
Specific mention of amount dues to be credited to Investors education and protection fund
in case of dues for more than seven years. However disclosure requirement of dues under
specific heads still exists.
4.
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j.
Authorized, Issued, Subscribed and fully paid and subscribed but not fully paid.
Calls unpaid (showing aggregate value of calls unpaid by directors and officers)
Forfeited shares (amount originally paid up)
Where loans have been guaranteed by directors or others, the aggregate amount of such
loans under each head shall be disclosed.
Aggregate amount of quoted investments and market value thereof
Aggregate amount of unquoted investments.
Aggregate provision made for diminution in value of investments.
Sundry Debtors to be now called Trade receivable. Disclosures are the same as earlier
Schedule VI.
Contingent liabilities and commitments such as:
(a)Claims against the company not acknowledged as debt;
(b)Guarantees;
(c)Other money for which the company is contingently liable
(d)Estimated amount of contracts remaining to be executed on capital account and not
provided for;
(e) Uncalled liability on shares and other investments partly paid up.
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
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Note
No.
XX
XX
II
Other Income
XX
XX
III
XX
XX
IV
Expenses
Cost of Material consumed
XX
XX
XX
XX
XX
XX
XX
XX
Finance costs
XX
XX
XX
XX
Other expenses
XX
XX
Total Expenses
XX
XX
XX
XX
VI
Exceptional items
XX
XX
VII
XX
XX
VIII
Extraordinary items
XX
XX
IX
XX
XX
Tax expense:
(1) Current tax
XX
XX
XX
XX
XI
XX
XX
XII
XX
XX
XIII
XX
XX
XIV
XX
XX
XV
XX
XX
XVI
XX
XX
(2) Diluted
XX
XX
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The new format of profit & loss account does not talk about appropriation items. i.e dividend and
general reserve appropriation out of profit & loss account. Guidelines given for disclosing reserve
& surplus in liability side of balance sheet require disclosure of appropriation item under head
Reserve & Surplus only.
Revised schedule VI is silent regarding specific disclosure requirement of proposed dividend under
the head of current liability. . However revised schedule VI requires disclosure related to amount
of dividends proposed to be distributed to equity and preference shareholders for the period and
the related amount per share .Since the schedule VI (revised) has been framed based on the
existing Accounting standards, one can draw inference from the requirements of para -14 of
Accounting Standard 4 on Contingencies and Event occurring after the Balance sheet which
state that;
Dividends stated to be in respect of the period covered by the financial statements, which are
proposed or declared by the enterprise after the balance sheet date but before approval of the
financial statements, should be adjusted
Accordingly proposed dividend needs to be considered in the books of account and should be
shown as appropriation item in Reserve & Surplus section and corresponding liability for
proposed dividend under short term provision.
2.
The Amount of excise duty paid shall be disclosed in the notes instead on the face of profit & loss
account.
3.
Revenue from operation shall include other income from the operations. Other income from
sources other than operation shall be now shown as other Income on the face of the profit & Loss
account.
4.
The borrowing cost portion of forex fluctuation gain/loss on foreign currency transaction shall
now be part of finance cost. Rest shall be shown as forex fluctuation gain/loss as part of of general
administrative cost
5.
6.
7.
The limits of disclosure requirement has been enhanced from higher of 1% of revenue or Rs. 5000
to higher of 1% of revenue or Rs. 1,00,000. Under revised guidelines, the limits now applicable to
disclosure of income also.
Interest Income and interest expenses now need to be disclosed separately. Earlier the
requirement of discloser of interest expenses on fixed loans only.
Disclosure of Prior period items now covered under new guidelines.
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In respect to quantitative details , the revised guidelines has been explained by way of comparison
to existing guidelines:
Disclosure
under
Revised Guidelines
Goods
purchased
under broad heads.
Nil
Remarks
No disclosure
requirement in revised
guidelines
In
the
case
of Seems to be in same line
companies rendering
or supplying services,
gross income derived
form
services
rendered or supplied
under broad heads.
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
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No Notes
No mention in revised
guidelines
No Notes
No mention in revised
guidelines
No Notes
No mention in revised
guidelines
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Expenditure incurred on each of the following items, separately for each item:a.
b.
c.
d.
e.
f.
g.
h.
g. Dividends from subsidiary companies and Provisions for losses of subsidiary companies
h. (a) The aggregate, if material, of any amounts set aside or proposed to be set aside, to reserves, but
not including provisions made to meet any specific liability, contingency or commitment known to
exist at the date as at which the balance-sheet is made up.
(b) The aggregate, if material, of any amounts withdrawn from such reserves.
i. (a) The aggregate, if material, of the amounts to set aside to provisions made for meeting specific
liabilities, contingencies or commitments.
(b) The aggregate, if material, of the amounts withdrawn from such provisions, as no longer
required.
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New Delhi
MUMBAI
CHENNAI
GUWAHATI
NETWORK LOCATIONS :
Bangalore
Hyderabad
Nagpur
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