Beruflich Dokumente
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KRUPA THAKKER
HISTORY
In 1960 , Companies Act prescribed the form & contents of Balance Sheet & Profit /Loss a/c that every company should report as set out in Schedule VI It also prescribed Notes detailing general instruction for preparation of B/s
In India, the format of financial statements is prescribed under Schedule VI to the Companies Act, 1956
IAS 1 provides general principles presentation of financial statements for
UK Companies Act 2006 also lays down statutory format of financial statements
Financial year commencing on or after 1st April,2011, Vide S.O. No. 447(E), dated 28th February, 2011 Applies to all companies following non-converged Indian Accounting Standards
PURPOSEOF REVISION
KEY FEATURES
Presentation Classification of assets, liabilities& provisions based on liquidity rather than nature Classification of expenses based on function rather than nature Prominence to Accounting Standards.
GENERAL INSTRUCTIONS
The disclosure requirement of revised Schedule VI are in addition to that required by Accounting Standards prescribed under the Companies Act All disclosures required by Companies Act to be made in notes to accounts Cross-referencing each line item with notes and vice versa required Unit of measurement selected to used uniformly in financial statements One year comparatives required Consistent rounding off rules based on turnover
Reconciliation of the number of shares outstanding at the beginning and at the end of the reporting period
Shares in the company held by each shareholder holding more than 5 percent shares specifying the number of shares held; Rights, preferences & restrictions on each class of shares including restrictions on the distribution of dividends & repayment of capital to be disclosed
Securities Premium Reserve; Debenture Redemption Reserve; Revaluation Reserve; Share Options Outstanding Account; Other Reserves (specify the nature and purpose of each reserve and the amount in respect thereof); Surplus i.e. balance in Statement of Profit & Loss Debit balance of Profit and Loss Account to be shown as negative figure in Surplus
Reserve and Surplus balance can be negative
Bonds/debentures. Term loans from banks from other parties. Deferred payment liabilities, Deposits. Loans and advances from related parties. Long term maturities of finance lease obligations Other loans and advances (specify nature). The above is further classified into Secured & Unsecured
Period and amount of default as on the balance sheet date in repayment of loans and interest, shall be specified separately in each case
Long-term provisions shall be classified as: Provision for employee benefits. Others (specify nature).
FIXED ASSETS
Tangible assets
Land & Buildings. Plant and Equipment. Furniture and Fixtures. Vehicles. Office equipment. Others (specify nature).
Intangible Assets
Goodwill Brands /trademarks. Computer software. Mastheads and publishing titles. Mining rights. Copyrights, and patents and other intellectual property rights, services and operating rights. Recipes, formulae, models, designs and prototypes. Licenses and franchise. Others (specify nature).
Capital Advances; Security Deposits; Loans and advances to related parties (giving details thereof);
Doubtful
Allowance for bad and doubtful loans and advances shall be disclosed under the relevant heads separately
CURRENT INVESTMENTS
INVENTORIES
To be classified as
Raw materials; Work-in-progress; Finished goods; Stock-in-trade (in respect of goods acquired for trading); Stores and spares; Loose tools; Others (specify nature).
Goods-in-transit shall be disclosed under the relevant sub-head of inventories. Mode of valuation shall be stated.
TRADE RECEIVABLES
To be classified as:
Loans and advances to related parties (giving details thereof); Others (specify nature).
Other current assets This is an all-inclusive heading, which incorporates current assets that do not fit into any other asset categories.
To the extent not provided for Contingent liabilities shall be classified as: Claims against the company not acknowledged as debt; Guarantees; Other money for which the company is contingently liable Commitments shall be classified as: Estimated amount of contracts remaining to be executed on capital account and not provided for; Uncalled liability on shares and other investments partly paid Other commitments (specify nature).
OTHER DISCLOSURES
Proposed dividend on equity & preference shares & amount per share shall be disclosed separately End Use of unutilized amount in respect of issue of securities made for specific purpose
Extra ordinary items are those that arise other than from ordinary activity of the company Exceptional items arise from ordinary activity, but are not expected to be recurring
I.
Total Expenses
V. Profit before exceptional and extraordinary items and tax (III - IV)
VI. Exceptional Items VII. Profit before extraordinary items and tax (V - VI) VIII. Extraordinary Items IX. Profit before tax (VII - VIII) X. Tax expense: (1) Current tax
XI.
IFRS 5 deals with what is discontinued operations where the cash flows of an asset are likely to come from disposal rather than from continuing use of the asset
XII.
XIII.
XIV.
XV.
XVI.
(1) Basic
(2) Diluted
Revenue from Operations (other than Finance Cos) Revenue from Sale of products Revenue from Sale of Services Other operating Revenue Less: Excise Duty Revenue from Operations (Finance Cos) Interest Other Financial Services Other Income Interest Income Dividend Income Net gain / Loss on sale of investments Other non-operating income (net of expenses directly attributable to such income)
Employee Benefits Expense Salaries and wages Contribution to provident and other funds Expense on Employees stock option scheme (ESOP) and Employee stock purchase plan (ESPP) Staff welfare expenses Other Expenses Consumption of stores and spare parts Power & Fuel Rent Repairs to Building / machinery Insurance Rates and Taxes, excluding taxes on income Miscellaneous expenses
ADDITIONAL INFORMATION
COMPANIES
IN CASE OF ALL
Any item of income or expenditure which exceeds one per cent of the revenue from operations or Rs.1,00,000, whichever is higher;
Details of items of exceptional and extraordinary nature; Prior period items; Dividends from subsidiary companies. Provisions for losses of subsidiary companies. Payments to the auditor as
Auditor for taxation matters, for company law matters, for management services, for other services, or reimbursement of expenses;
CONSPICUOUSLY ABSENT
Details of managerial remuneration and computation of profits under sec 349,350 Licensed Capacity, installed capacity and actual production
Balance sheet abstract completely goes away
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