Comparison between old and new schedule vi

A Practical Guide to Revised Schedule VI R i d S h d l VI Comparison: Old and New Schedule VI© 2012 AuthorsAll rights reserved. No part of this work covered by thecopyright owners may be reproduced or copied in anyform or by any means (graphic, electronic or mechanical,including photocopying, recording, recording taping, orinformation retrieval systems) without the writtenpermission of the publisher and copyright owners. A Practical Guide to Revised Schedule VI by Sanjeev Singhal & R. Sankaraiah © 2012 Authors

A Practical Guide to Revised Schedule VI Quick Links 1. Introduction 1. Comparison between Old and Revised Schedule VI: Synopsis 2. 2 Comparison Old & 2. 2 Major differences old and revised content Major differences – old and revised content revised Schedule VI of Schedule – VI 3. Additional disclosure requirements specified under revised Schedule VI ifi d d i d S h d l VI 4. Disclosure req. dispensed with under revised Schedule VI 5. Presentation of disclosures has undergone change under revised Schedule VI A Practical Guide to Revised Schedule VI by Sanjeev Singhal & R. Sankaraiah © 2012 Authors

Introduction• ‘Schedule VI notified by as per Notification No.653 (E) dated March 30, 2011 has come into force for the Balance Sheet and Profit and Loss Account to be prepared for the financial year commencing on or after 1‐4‐2011 in accordance with old accounting standards.• With this reform in accounting world, now the financial transactions will be brought to the notice of all the stake holders in a better presentation broadly in line with international presentation as compared to conventional statements of p p balance sheet and profit and loss account in old Schedule VI.• This presentation is developed to give the user a basic comparison between old and revised Schedule VI. HOME A Practical Guide to Revised Schedule VI by Sanjeev Singhal & R. Sankaraiah © 2012 Authors

Comparison – old and revised content of Schedule VISynopsis:• Major differences between old and new Schedule VI• Areas where additional guidance has been provided in revised Schedule VI Areas where additional guidance has been provided in revised Schedule VI or additional disclosure requirements have been specified• Areas where disclosures were required by old Schedule VI but those Areas where disclosures were required by old Schedule VI but those requirements have been dispensed with in the revised Schedule VI• Areas where presentation and/or disclosures manner has undergone a Areas where presentation and/or disclosures manner has undergone a change in the revised Schedule VI HOME A Practical Guide to Revised Schedule VI by Sanjeev Singhal & R. Sankaraiah © 2012 Authors

Comparison – old and revised content of Schedule VIMajor Differences: Parameters Old Schedule VI New Schedule VI Comprised of : Part 1: Balance Sheet Comprises of: Part 2: P/Loss Account Part 2: P/Loss Account Part 1: Balance Sheet Part 3: Interpretations Part 2: Statement of Part 4: B/S Abstract Profit and Loss and Company’s General Business ProfileMajor Difference Parameters HOME A Practical Guide to Revised Schedule VI by Sanjeev Singhal & R. Sankaraiah © 2012 Authors

Comparison – old and revised content of Schedule VIMajor Differences: Parameters Old Schedule VI New Schedule VI It addresses the issue by clearly providing Silent on the issue of Silent on the issue of that the accounting h h whether the Schedule standards will VI overrides the accounting standards. override Schedule VI. Thus AS prevail over Schedule VI. h d lMajor Difference Parameters A Practical Guide to Revised Schedule VI by Sanjeev Singhal & R. Sankaraiah © 2012 Authors

Comparison – old and revised content of Schedule VIMajor Differences: Parameters Old Schedule VI New Schedule VI Both horizontal and Only vertical format vertical format permitted. permissible.Major Difference Parameters A Practical Guide to Revised Schedule VI by Sanjeev Singhal & R. Sankaraiah © 2012 Authors

Comparison – old and revised content of Schedule VIMajor Differences: Parameters Old Schedule VI New Schedule VI No prescribed format for Profit and Loss Format of Profit and Account. Only Loss account is minimum minimum prescribed. requirements were specified.Major Difference Parameters A Practical Guide to Revised Schedule VI by Sanjeev Singhal & R. Sankaraiah © 2012 Authors

Comparison – old and revised content of Schedule VIMajor Differences: Parameters Old Schedule VI New Schedule VI Guidance on presentation of notes to g accounts given in addition to information presented in the financial statements. It shall provide wherever No guidance on No guidance on required; presentation of notes (a) narrative descriptions to the accounts. or disaggregations of items recognised in those statements and (b) those statements and (b)Major information about items Difference that do not qualify for Parameters recognition in those statements. A Practical Guide to Revised Schedule VI by Sanjeev Singhal & R. Sankaraiah © 2012 Authors

Areas where additional disclosure Areas where additional disclosurerequirements specified as per revised Schedule VI Schedule VI HOME A Practical Guide to Revised Schedule VI by Sanjeev Singhal & R. Sankaraiah © 2012 Authors

Comparison – old and revised content of Schedule VIAreas where additional disclosure requirements specified as per revised Schedule VIAreas where additional disclosure requirements specified as per revised Schedule VI Share Current & Shareholder’s application Bonds & Fixed Intangible Cash and cash Non‐current Borrowings funds money pending Debentures assets assets equivalents classification allotment HOME A Practical Guide to Revised Schedule VI by Sanjeev Singhal & R. Sankaraiah © 2012 Authors

Comparison – old and revised content of Schedule VIAreas where additional disclosure requirements specified as per revised Schedule VI…Areas where additional disclosure requirements specified as per revised Schedule VI Share Current & application Bonds & Fixed Intangible Cash and cash Shareholder’s money pending Non‐current Borrowings Debentures assets assets equivalents funds classification allotment Item Old Schedule VI Revised Schedule VIDisclosure of reconciliation of no. of shares outstanding at Separate disclosure required for Not requiredbeginning and end of reporting period each class of share capitalDisclosure of rights, preferences and restrictions attaching Di l f i h f d i i hi Separate disclosure required for to each class of shares including restrictions on Not required each class of share capitaldistribution of dividends and repayment of capitalDisclosure of shares in company held by each shareholder Separate disclosure required for holding more than 5 % shares specifying no. of shares Not required each class of share capital each class of share capitalheld Calls unpaid (showing aggregate Calls unpaid by directors to be Calls unpaid value of calls unpaid by directors disclosed and officers) to be disclosedDisclosure of the shares reserved for issue under options Disclosure of the shares reserved for issue under options Only particulars for any Only particulars for any Separate disclosure required for and contracts /commitments for sale of shares/ option on unissued share each class of share capitaldisinvestment, including terms and amounts capital to be disclosed Requires separate disclosure under Share options outstanding No guidance head “Reserves and Surplus”. d l d / Separate disclosure required in B/S Money received against share warrants No guidance under head “Shareholders’ Funds”. A Practical Guide to Revised Schedule VI by Sanjeev Singhal & R. Sankaraiah © 2012 Authors

Comparison – old and revised content of Schedule VIAreas where additional disclosure requirements specified as per revised Schedule VI…Areas where additional disclosure requirements specified as per revised Schedule VI Share Current & Shareholder’s Bonds & Fixed Intangible Cash and cash funds application Non‐current Borrowings Debentures assets assets equivalents money pending classification allotment Item Old Schedule VI Revised Schedule VI Share application money pending allotment (not due for refund) is to be shown as a separate line Share application money pending allotmentSh li i di ll No guidance N id item in B/S. This item to be disclosed as a i i B/S Thi i b di l d separate head between “Shareholders’ Funds” and “Non‐Current Liabilities” A Practical Guide to Revised Schedule VI by Sanjeev Singhal & R. Sankaraiah © 2012 Authors

Comparison – old and revised content of Schedule VIAreas where additional disclosure requirements specified as per revised Schedule VI…Areas where additional disclosure requirements specified as per revised Schedule VI Share Current & Shareholder’s application Bonds & Fixed Intangible Cash and cash Non‐current Borrowings funds money pending Debentures assets assets equivalents classification allotment Item Old Schedule VI Revised Schedule VI Required. A liability is classified as current when it satisfies any of the following criteria:Current and non‐ (a) it is expected to be settled in company’s normal operating cycle;current (b) it is held primarily for the purpose of being traded; Not requiredclassification of (c) it is due to be settled within twelve months after the reporting date; orliabilities (d) company does not have an unconditional right to defer settlement of liability for at least 12 months after reporting date. p g All other liabilities are classified as non‐current. Requires a clear bifurcation of assets into current and non‐current. An asset is classified as current when it satisfies any of the following criteria: (a) it is expected to be realized in, or is intended for sale or consumption in, company’sCurrent and nonCurrent and non‐ Requires current assets and R i d normal operating cycle; l i lcurrent loans and advances to be (b) it is held primarily for the purpose of being traded;classification of assets shown separately. (c) it is expected to be realized within 12 months after reporting date; or (d) it is cash or cash equivalent unless it is restricted from being exchanged or used to settle a liability for at least 12 months after reporting date. All other assets are classified as non‐current. A Practical Guide to Revised Schedule VI by Sanjeev Singhal & R. Sankaraiah © 2012 Authors

Comparison – old and revised content of Schedule VIAreas where additional disclosure requirements specified as per revised Schedule VI…Areas where additional disclosure requirements specified as per revised Schedule VI Share Current & Shareholder’s application Bonds & Fixed Intangible Cash and cash Non‐current funds money pending Borrowings Debentures assets assets equivalents classification allotment Item Old Schedule VI Revised Schedule VI Required.Disclosure of defaults in To be specified separately in each case of both Long and Short term Not requiredcase of borrowings borrowings for period and amount of continuing default as on the B/S date in repayment of loans and interest.Loans and advances Separate classification Required. Separate classification under head “Long term borrowings” or “Shortfrom related parties not required term, borrowings”, as the case may be A Practical Guide to Revised Schedule VI by Sanjeev Singhal & R. Sankaraiah © 2012 Authors

Comparison – old and revised content of Schedule VIAreas where additional disclosure requirements specified as per revised Schedule VI…Areas where additional disclosure requirements specified as per revised Schedule VI Share Current & Shareholder’s application Fixed Intangible Cash and cash Non‐current Borrowings Bonds & funds money pending assets assets equivalents classification Debentures allotment Item Old Schedule VI Revised Schedule VI Bonds/debentures (along with ROI and particulars of redemptionDisclosure of Disclosure of or conversion as the case may be) need to be stated in conversion,Bonds/debentures (along with descending order of maturity or conversion, starting from farthest Not requiredROI and particulars of redemption or conversion date, as the case may be. Whereredemption or conversion) bonds/debentures are redeemable by instalments, maturity date is the first instalment date becomes due. A Practical Guide to Revised Schedule VI by Sanjeev Singhal & R. Sankaraiah © 2012 Authors

Comparison – old and revised content of Schedule VIAreas where additional disclosure requirements specified as per revised Schedule VI…Areas where additional disclosure requirements specified as per revised Schedule VI Share Current & Shareholder’s application Bonds & Intangible Cash and cash Non‐current Borrowings Fixed funds money pending Debentures assets equivalents classification assets allotment Item Old Schedule VI Revised Schedule VIDisclosure of impact of acquisitions through business Disclosure of impact of acquisitions through business Not required Requiredcombinations and impairment (or reversal thereof) A Practical Guide to Revised Schedule VI by Sanjeev Singhal & R. Sankaraiah © 2012 Authors

Comparison – old and revised content of Schedule VIAreas where additional disclosure requirements specified as per revised Schedule VI…Areas where additional disclosure requirements specified as per revised Schedule VI Share Current & Shareholder’s application Bonds & Fixed Cash and cash Non‐current Borrowings Intangible funds money pending Debentures assets equivalents classification assets allotment Item Old Schedule VI Revised Schedule VI Intangible assets to be classified as under: (a) Goodwill. (b) Brands /trademarks. (c) Computer software. (d) Mastheads and publishing titles.Classification of No guidance on classification (e) Mining rights.intangible g of intangible assets f i t ibl t (f) Copyrights, and patents and other intellectual property rights, services andassets operating rights. (g) Recipes, formulae, models, designs and prototypes. (h) Licenses and franchise. (i) Others (specify nature) nature). A Practical Guide to Revised Schedule VI by Sanjeev Singhal & R. Sankaraiah © 2012 Authors

Comparison – old and revised content of Schedule VIAreas where additional disclosure requirements specified as per revised Schedule VI…Areas where additional disclosure requirements specified as per revised Schedule VI Share Current & Shareholder’s application Bonds & Fixed Intangible Cash and Non‐current Borrowings funds money pending Debentures assets assets cash classification allotment equivalents Item Old Schedule VI Revised Schedule VIDisclosure of cheques and drafts on handDisclosure of cheques and drafts on hand Not required Not required RequiredSeparate disclosure of bank balances with Not required Requiredmore than 12 months maturitymore than 12 months maturitySeparate disclosure of repatriation Not required Requiredrestrictions A Practical Guide to Revised Schedule VI by Sanjeev Singhal & R. Sankaraiah © 2012 Authors

Comparison – old and revised content of Schedule VIAreas where disclosure requirements dispensed with in revised Schedule VI Shareholder’s Turnover Income from Cash & cash Interest TDS funds investment equivalents Income Opening and Quantitative Share capital Dues from directors, other officers, Dues from directors, other officers, closing stock of information Depreciation and loans companies under same management goods HOME A Practical Guide to Revised Schedule VI by Sanjeev Singhal & R. Sankaraiah © 2012 Authors

Comparison – old and revised content of Schedule VIAreas where disclosure requirements dispensed with in revised Schedule VI… Shareholder’s Turnover Income from Cash & cash Interest TDS funds investment equivalents Income Item Old Schedule VI Old Schedule VI Revised Schedule VI Revised Schedule VI Sources from which bonus shares are issued Required Not required Disclosure of utilisation of securities premium amount Required Not required Opening and Quantitative Share capital Dues from directors, other officers, Dues from directors, other officers, closing stock of information Depreciation and loans companies under same management goods A Practical Guide to Revised Schedule VI by Sanjeev Singhal & R. Sankaraiah © 2012 Authors

Comparison – old and revised content of Schedule VIAreas where disclosure requirements dispensed with in revised Schedule VI… Shareholder’s Turnover Income from Cash & cash Interest TDS funds investment equivalents Income Item Old Schedule VI Old Schedule VI Revised Schedule VI Revised Schedule VI Break up of turnover‐quantities and amounts in respect of Required Not required each class of goods Opening and Quantitative Share capital Dues from directors, other officers, Dues from directors, other officers, closing stock of information Depreciation and loans companies under same management goods A Practical Guide to Revised Schedule VI by Sanjeev Singhal & R. Sankaraiah © 2012 Authors

Comparison – old and revised content of Schedule VIAreas where disclosure requirements dispensed with in revised Schedule VI… Shareholder’s Turnover Income from Cash & cash Interest TDS funds investment equivalents Income Item Old Schedule VI Old Schedule VI Revised Schedule VI Revised Schedule VI Bifurcation between income from trade and other Required Not required investments Opening and Quantitative Share capital Dues from directors, other officers, Dues from directors, other officers, closing stock of information Depreciation and loans companies under same management goods A Practical Guide to Revised Schedule VI by Sanjeev Singhal & R. Sankaraiah © 2012 Authors

Comparison – old and revised content of Schedule VIAreas where disclosure requirements dispensed with in revised Schedule VI… Shareholder’s Turnover Income from Cash & Bank Interest TDS funds investment Balances Income Item Old Schedule VI Old Schedule VI Revised Schedule VI Revised Schedule VI Separate disclosure of bank balances with schedules and Required Not required non‐scheduled banks Opening and Quantitative Share capital Dues from directors, other officers, Dues from directors, other officers, closing stock of information Depreciation and loans companies under same management goods A Practical Guide to Revised Schedule VI by Sanjeev Singhal & R. Sankaraiah © 2012 Authors

Comparison – old and revised content of Schedule VIAreas where disclosure requirements dispensed with in revised Schedule VI… Shareholder’s Turnover Income from Cash & cash Interest TDS funds investment equivalents Income Item Old Schedule VI Old Schedule VI Revised Schedule VI Revised Schedule VI Nature of interest income Required Not required Opening and Quantitative Share capital Dues from directors, other officers, Dues from directors, other officers, closing stock of information Depreciation and loans companies under same management goods A Practical Guide to Revised Schedule VI by Sanjeev Singhal & R. Sankaraiah © 2012 Authors

Comparison – old and revised content of Schedule VIAreas where disclosure requirements dispensed with in revised Schedule VI… Shareholder’s Turnover Income from Cash & cash Interest TDS funds investment equivalents Income Item Old Schedule VI Old Schedule VI Revised Schedule VI Revised Schedule VI Disclosure of TDS in case of gross presentation of income Required Not required from investments and interest Opening and Quantitative Share capital Dues from directors, other officers, Dues from directors, other officers, closing stock of information Depreciation and loans companies under same management goods A Practical Guide to Revised Schedule VI by Sanjeev Singhal & R. Sankaraiah © 2012 Authors

Comparison – old and revised content of Schedule VIAreas where disclosure requirements dispensed with in revised Schedule VI… Shareholder’s Turnover Income from Cash & cash Interest TDS funds investment equivalents Income Item Old Schedule VI Old Schedule VI Revised Schedule VI Revised Schedule VI Disclosure in case of manufacturing and trading companies for opening and closing stock of goods produced/traded Required Not required giving break up and quantities Opening and Quantitative Share capital Dues from directors, other officers, Dues from directors, other officers, closing stock of information Depreciation and loans companies under same management goods A Practical Guide to Revised Schedule VI by Sanjeev Singhal & R. Sankaraiah © 2012 Authors

Comparison – old and revised content of Schedule VIAreas where disclosure requirements dispensed with in revised Schedule VI… Shareholder’s Turnover Income from Cash & cash Interest TDS funds investment equivalents Income Item Old Schedule VI Old Schedule VI Revised Schedule VI Revised Schedule VI Disclosure in case of manufacturing companies for quantitative information on licensed/installed capacity and Required Not required actual production Opening and Quantitative Share capital Dues from directors, other officers, Dues from directors, other officers, closing stock of information Depreciation and loans companies under same management goods A Practical Guide to Revised Schedule VI by Sanjeev Singhal & R. Sankaraiah © 2012 Authors

Comparison – old and revised content of Schedule VIAreas where disclosure requirements dispensed with in revised Schedule VI… Shareholder’s Turnover Income from Cash & cash Interest TDS funds investment equivalents Income Item Old Schedule VI Old Schedule VI Revised Schedule VI Revised Schedule VI Disclosure of amount reserved for repayment of loans and Required Not required share capital Opening and Quantitative Share capital Dues from directors, other officers, Dues from directors, other officers, closing stock of information Depreciation and loans companies under same management goods A Practical Guide to Revised Schedule VI by Sanjeev Singhal & R. Sankaraiah © 2012 Authors

Comparison – old and revised content of Schedule VIAreas where disclosure requirements dispensed with in revised Schedule VI… Shareholder’s Turnover Income from Cash & cash Interest TDS funds investment equivalents Income Item Old Schedule VI Old Schedule VI Revised Schedule VI Revised Schedule VI In case of non‐provision of depreciation, disclosure in notes to accounts to the fact that no depreciation has been Required Not required provided along with quantum of arrears of depreciation calculated as per Section 205(2) of the Companies Act,1956. Opening and Quantitative Share capital Dues from directors, other officers, Dues from directors, other officers, closing stock of information Depreciation and loans companies under same management goods A Practical Guide to Revised Schedule VI by Sanjeev Singhal & R. Sankaraiah © 2012 Authors

Comparison – old and revised content of Schedule VIAreas where disclosure requirements dispensed with in revised Schedule VI… Shareholder’s Turnover Income from Cash & cash Interest TDS funds investment equivalents Income Item Old Schedule VI Old Schedule VI Revised Schedule VI Revised Schedule VI Disclosure of maximum amount due from directors or other Required Not required officers during the year Disclosure of dues from companies under the same Required Not required management Opening and Quantitative Share capital Dues from directors, other officers, Dues from directors, other officers, closing stock of information Depreciation and loans companies under same management goods A Practical Guide to Revised Schedule VI by Sanjeev Singhal & R. Sankaraiah © 2012 Authors

Areas where presentation and/or Areas where presentation and/ordisclosures has changed in revised Schedule VI Schedule VI HOME A Practical Guide to Revised Schedule VI by Sanjeev Singhal & R. Sankaraiah © 2012 Authors

Comparison – old and revised content of Schedule VIAreas where presentation and/or disclosures has changed in revised Schedule VI Shareholders’ Funds Item Old Schedule VI Old Schedule VI Revised Schedule VI Revised Schedule VIDisclosure of shares in For subsidiary companies separate disclosurerespect of each class in of no. of shares held by holding company or Separate disclosure required for each class of share capital.company held by its holding by ultimate holding company and Further the clause: “the auditor is not required to certifycompany or its ultimate subsidiaries. correctness of such shareholdings as certified byholding company including holding company including The auditor is not required to certify management” has been removed.shares held by their correctness of such shareholdings as certifiedsubsidiaries or associates of by the management.holding company For each class of shares, following disclosures are required for f period of 5 years i i d f immediately preceding the d di l di h date atDisclosure regarding shares Requires disclosure of shares allotted for which the B/S is prepared:allotted for consideration consideration other than cash and bonus • Aggregate no. and class of shares allotted as fully paidother than cash, bonus shares but not for shares bought back. up pursuant to contract(s) without payment beingshares and shares bought Further, disclosure needs to be made received in cash.back without there being a cap of 5 years • Aggregate no. and class of shares allotted as fully paid up by way of bonus shares. • Aggregate no. and class of shares bought back. Debit balance of P/L A/c shown as a negative figure underDebit balance of profit and Shown as a deduction from uncommitted the head ‘Surplus’ even if the resulting figure is in the Surplusloss account reserves. negative. A Practical Guide to Revised Schedule VI by Sanjeev Singhal & R. Sankaraiah © 2012 Authors

Comparison – old and revised content of Schedule VI Areas where presentation and/or disclosures has changed in revised Schedule VI… Long term Misc. expenses Current Miscellaneous Fixed Assets Fixed Assets loans and loans and (not written off (not written off Dividends liabilities expenses advances or adjusted) Item Old Schedule VI Revised Schedule VIInterest accrued & due on Disclosed as part of secured /unsecured Disclosed as current liabilitiesborrowings loans as the case may be A Practical Guide to Revised Schedule VI by Sanjeev Singhal & R. Sankaraiah © 2012 Authors

Comparison – old and revised content of Schedule VI Areas where presentation and/or disclosures has changed in revised Schedule VI… Long term Misc. expenses Current Miscellaneous Fixed Assets Fixed Assets loans and loans and (not written off (not written off Dividends liabilities expenses advances or adjusted) Item Old Schedule VI Revised Schedule VI Requires disclosure of gross as well as net Gross and net block Disclosure of only net block is required block A Practical Guide to Revised Schedule VI by Sanjeev Singhal & R. Sankaraiah © 2012 Authors

Comparison – old and revised content of Schedule VI Areas where presentation and/or disclosures has changed in revised Schedule VI… Long term Misc. expenses Current Miscellaneous Fixed Assets Fixed Assets loans and loans and (not written off (not written off Dividends liabilities expenses advances or adjusted) Item Old Schedule VI Revised Schedule VI The practice is to club it with capital work To be shown separately under the head “Long term loans andCapital advances in progress advances” A Practical Guide to Revised Schedule VI by Sanjeev Singhal & R. Sankaraiah © 2012 Authors

Comparison – old and revised content of Schedule VI Areas where presentation and/or disclosures has changed in revised Schedule VI… Long term Misc. expenses Current Miscellaneous Fixed Assets Fixed Assets loans and loans and (not written off (not written off Dividends liabilities expenses advances or adjusted) Item Old Schedule VI Revised Schedule VI Separate disclosure required for any item of Separate disclosure required for any item of income or expenditure which exceeds one per cent of the Criteria for separate disclosure expenditure which exceeds one per cent of the revenue from p , revenue from operations or Rs. 5,000 operations or Rs. 1,00,000, whichever i hi h i 00 000 hi h is higher whichever is higher A Practical Guide to Revised Schedule VI by Sanjeev Singhal & R. Sankaraiah © 2012 Authors

Comparison – old and revised content of Schedule VI Areas where presentation and/or disclosures has changed in revised Schedule VI… Long term Misc. expenses Current Miscellaneous Fixed Assets Fixed Assets loans and loans and (not written off (not written off Dividends liabilities expenses advances or adjusted) Item Old Schedule VI Revised Schedule VISeparate disclosure in respect of miscellaneous expenses Required on the face of balance sheet Not required(to the extent not written (to the extent not writtenoff or adjusted) A Practical Guide to Revised Schedule VI by Sanjeev Singhal & R. Sankaraiah © 2012 Authors

Comparison – old and revised content of Schedule VI Areas where presentation and/or disclosures has changed in revised Schedule VI… Long term Misc. expenses Current Miscellaneous Fixed Assets Fixed Assets loans and loans and (not written off (not written off Dividends liabilities expenses advances or adjusted) Item Old Schedule VI Revised Schedule VI Parent company need to recognise dividends No such requirement. Thus, dividends will have to beRecognition of dividends declared by subsidiary companies even after recognised as per the requirements of AS 9 which means thatdeclared by subsidiaries the date of balance sheet if they pertain to the yp dividends will be recognised only when the right to receive g y gcompanies i period under reporting. dividends is established. A Practical Guide to Revised Schedule VI by Sanjeev Singhal & R. Sankaraiah © 2012 Authors

Comparison between old and new schedule vi

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