Summary on Revised Schedule VIApplicable from 1 April’ 2011

Figures of 10-11 has to prepared again accordingly for b/s and p/l of 2011-12

For any conflict b/w revised schedule VI and Acc standards- standard will prevail over the schedule

‘Schedules’ concept eliminated so all details have to mentioned in notes to A/cs

Same unit of measurement has to be used for all the items. Accordingly rounding off options eliminated

Now, for t/o <100cr-nearest 100ds, 1000ds, lakhs or millions and for =/> 100cr- nearest lakhs, millions or crores

Additional disclosures required under a/cg standards and/or any guidance note and/or by any other legal obligation shall continue to be made

Changes in b/s

No more an option of Horizontal format.

All assets & liabilities are to be bifurcated b/w current & non- current [ on the basis of operating cycle]

Net deferred tax asset/ liability –always non current

In six months clause of debtors the days are counted from due date of payment and not from invoicing.

Disclosure of:

1. Shareholders with more than 5% holding 2. Shares issued for other than cash, bonus or shares bought back relating to 5 yrs preceding the

current yr.3. P/l dr. bal. under ‘Reserve & surplus’ instead of showing as separate item in asset side.4. Capital adv under Loans & Adv5. Defaults made in repayments of loans & interest in FS in addition to CARO. Also the terms on

long term loan 6. Details of investments-names of bodies in which invested, nature like whether subsidiary, JV etc

pus any provision made for diminution.7. Terms of shares like rights, restrictions, preferences, and div distribution terms8. Calls unpaid from officers in addition to calls unpaid from directors9. Share application money pending allotment: under shareholders funds or current liabilities

(depending on issued capital) 10. Proposed div in notes instead of under ‘provisions’. However it has to be shown under

‘provision’ also in accordance with AS-4.

Sundry debtors replaced with ‘Trade receivables’ (debtors for other than trade purpose won’t be shown here anymore)

Cash & Cash equivalents changed to ‘cash & Bank Balances’ with 2 headings:

1. Cash & cash equivalents2. Other bank balances( modified in order to follow a/cg stds)

Changes in p/l

Name changed from ‘p/l a/c’ to ‘Statement of p/l’

Format given for Statement of p/l

Below the line would shown under Reserve & surplus and not as appropriation

Any item of income or expense exceeding 1% of revenue from operations or 5000 100000 to be disclosed separately

Dividends are to be shown as income only when right to receive is on balance sheet date

In non- finance cos. revenues are to be bifurcated as:

1. Sale of products2. Sale of services3. Other operating revenues

Less: excise duty and in notes too.

In finance cos. the same is:

1. Interest2. Other financial services and in notes too

In notes information regarding:

1. R/w and good purchased in mfg co.2. Goods purchased in trading co. under broad heads3. gross inc in co. rendering services

Disclosures regarding:

1. Managerial remuneration and calculation of net profit for the same2. Licensed capacity, installed capacity and actual production3. Investments purchased and sold4. Items pertaining to companies under same mgmt5. Amts due from directors or officers6. Comm., brokerage and non-trade discounts not required any longer.