Which of the following has issued revised Schedule VI?
Accordingly, the Ministry of Corporate Affairs (MCA) has issued a revised form of Schedule VI on February 28, 2011.
What is Schedule VI of Companies Act?
Schedule VI to the Companies Act, 1956 deals with the form of Balance Sheet and Profit and Loss Account and classified disclosure to be made therein and it applies uniformly to all the companies registered under the Companies Act, 1956, for the preparation of financial statements of an accounting year.
What is Schedule VI of Companies Act 2013?
The government has decided to revise schedule VI to the Companies Act, which stipulates the manner in which every company prepares and presents its balance sheet and profit and loss account. The draft revised schedule VI requires companies to classify assets and liabilities into current and non-current categories.
What is a revised schedule?
Revised Schedule means an amended version of the current Contract Schedule, which shows the projected effect of a delay without otherwise altering the logic of the Schedule.
What are the requirements of Schedule 6?
The Old Schedule VI required separate presentation of debtors outstanding for a period exceeding six months based on date on which the bill/invoice was raised whereas, the Revised Schedule VI requires separate disclosure of “trade receivables outstanding for a period exceeding six months from the date the bill/invoice …
What is the schedule 6?
The Sixth Schedule of the Constitution provides for the administration of tribal areas in Assam, Meghalaya, Tripura and Mizoram to safeguard the rights of the tribal population in these states. This special provision is provided under Article 244(2) and Article 275(1) of the Constitution.
What is a revised balance sheet?
The Revised Balance Sheet shall be prepared in accordance with the Initial Balance Sheet using the same principles as were used in preparing the Initial Balance Sheet and making the initial calculation of the Closing Date Payment based thereon. …
How do I create a revised schedule?
STEPS TO MAKE RECOVERY/REVISED SCHEDULE:
- 1-ADD OR OMIT ANY APPROVED SCOPE CHANGES.
- 2-FIX OUT OF SEQUENCE ACTIVITIES.
- 3-FIX PROJECT AND MILESTONES DATES TO MEET THE APPROVED NEW DATES (USING.
What is difference between revised and recovery schedule?
Simply, the main difference between the revised schedule and the recovery schedule is the Completion Date , revised schedule changes the original completion date. While the recovery schedule does not.
How are investments classified on a Schedule VI?
Investments: Old Schedule VI required all investments to be shown separately before Current assets. However now its classification into current and non-current is required. Investments which are expected to be realized within 12 months from after the balance sheet date are considered as current investments under current assets.
What’s the difference between old and new Schedule VI?
Under Old Schedule VI the entire borrowing were shown as Secured / Unsecured Loans and no part of it was included in current liabilities. However under Revised Schedule VI the total borrowing are required to be trifurcated into long term borrowing , short-term borrowing and current maturities to long term debt.
When is an asset classified as cash equivalent?
Under Para 66 (d) of Ind.AS.1, ‘An entity shall classify an asset as current when the asset is cash or a cash equivalent (as defined in Ind. AS. 7) unless the asset is restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period.
What are Sundry Creditors considered to be under Schedule VI?
Under old schedule VI the sundry creditors were always considered as current liabilities, however under Revised Schedule VI they need to be bifurcated between current and non-current.