rewrite SCHEDULE VI CHECKLIST
OBJECTIVE : We are required to typography whether the accounts of the Company give the information required by the Companies Act, 1956 in the manner so required. The purpose of this Checklist is to ensure compliance with this requirement. [Some of the changes vis-Ã -vis the contemporary Schedule VI have been indicated in bold] It is important to timber that the rewrite Schedule VI requires that if compliance with the requirements of the Companies Act, 1956 and/or the write up Standards necessitate a change in the treatment or disclosure in the financial statements as compared to what is provided in the Revised Schedule VI, the requirements of the Act and/or the Accounting Standards will overshadow over the Schedule.|
NOTES: 1. Rounding off is permitted as follows :Turnover <` s today crores to the nearby hundreds, thousands, lakhs or millions or decimal thereof.Turnover >`100 crores to the nearest lakhs, millions or crores, or decimal thereof.2. Revised Schedule VI has specifically introduced a new requirement of using the identical unit of measurement uniformly across the financial statements.
much(prenominal) requirement should be taken to imply that all figures disclose in the financial statements including Notes to Accounts should be of the same denominations.3. For any doubt, audience may please be made to the Institutes Guidance Note on The Revised Schedule VI to the Companies Act, 1956.4. The revised Schedule VI is applicable for the Balance plane and Profit and Loss Account to be prepared for the financial year commencing on or after April 1, 2011. Early acceptance of the Revised Schedule VI is not permitted since Schedule VI is a statutory format.|
| Disclosed:|
| Yes| No| N/A|
PART I- Form of BALANCE SHEET(Only the VERTICAL format is now permitted)| | | |
I.| EQUITY AND LIABILITIES| | | |
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