Statement of Profit & Loss and Notes_Revised Schedule VI

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Power Point Presentation on Statement of Profit & Loss (Revised Schedule - VI), Significant Accounting Policies, Additional Notes

Statement of Profit & Loss and Notes_Revised Schedule VI

  1. 1. 2020 SO 653(E) 30-03-2011 Revised Schedule VI SO 447(E) 28-02-2011 Monday, June 11, 2012 SO 301(E) 08-02-2011 20112010 SO 300(E) 08-02-2011 GSR 719(E) 16-11-2007 GSR 762(E) 13-11-2002 GSR 376(E) 22-05-2002 GSR 545(E) 01-08-20022000 GSR 129(E) 22-12-1999 GSR 388(E) 15-05-1995 GSR 423(E) 13-09-19961990 GSR 723 (E) 18-09-1990 SO 400(E) 19-04-1988 Year1980 GSR 220 (E) 12-03-1979 GSR 220(E) 12-03-1979 Introduction GSR 494(E) 09-11-1973 GSR 455 27-04-1974 GSR 1665 09-10-19711970 GSR 129 03-01-1968 GSR 78 04-01-1963 Statement of Profit and Loss GSR 414 21-03-19611960 1960 Significant Accounting Policies and Additional Notes1950 0 5 10 15 20 256/11/2012 (c) Bisworanjan Sutar 1
  2. 2. Introduction6/11/2012 (c) Bisworanjan Sutar 2
  3. 3. Introduction  Not in line with requirements under AS and related laws  No place for industry specific requirements  No specific format for Profit and Loss Account  Measurement principles no in line with requirement6/11/2012 (c) Bisworanjan Sutar 3
  4. 4. Introduction  Smart & Shackle free  Its in line with time and requirements  Flexible, Synchronize, Harmonize  Compatible and Convergence ready6/11/2012 (c) Bisworanjan Sutar 4
  5. 5. Introduction6/11/2012 (c) Bisworanjan Sutar 5
  6. 6. Introduction6/11/2012 (c) Bisworanjan Sutar 6
  7. 7. Introduction6/11/2012 (c) Bisworanjan Sutar 7
  8. 8. Introduction6/11/2012 (c) Bisworanjan Sutar 8
  9. 9. Introduction6/11/2012 (c) Bisworanjan Sutar 9
  10. 10. Statement of Profit and Loss6/11/2012 (c) Bisworanjan Sutar 10
  11. 11. Statement of Profit and Loss6/11/2012 (c) Bisworanjan Sutar 11
  12. 12. Statement of Profit and Loss6/11/2012 (c) Bisworanjan Sutar 12
  13. 13. Statement of Profit and Loss6/11/2012 (c) Bisworanjan Sutar 13
  14. 14. Statement of Profit and Loss6/11/2012 (c) Bisworanjan Sutar 14
  15. 15. Statement of Profit and Loss6/11/2012 (c) Bisworanjan Sutar 15
  16. 16. Statement of Profit and Loss6/11/2012 (c) Bisworanjan Sutar 16
  17. 17. Statement of Profit and Loss6/11/2012 (c) Bisworanjan Sutar 17
  18. 18. Statement of Profit and Loss [GIPL.3] [AS 16 .4.e]6/11/2012 (c) Bisworanjan Sutar 18
  19. 19. Statement of Profit and Loss GIPL 5.i.a6/11/2012 (c) Bisworanjan Sutar 19
  20. 20. Statement of Profit and Loss GIPL 5.i.b6/11/2012 (c) Bisworanjan Sutar 20
  21. 21. Statement of Profit and Loss GIPL 5.i.j6/11/2012 (c) Bisworanjan Sutar 21
  22. 22. Statement of Profit and Loss6/11/2012 (c) Bisworanjan Sutar 22
  23. 23. Statement of Profit and Loss6/11/2012 (c) Bisworanjan Sutar 23
  24. 24. Statement of Profit and LossAS 5 – 12, 13, 14 : Exceptional items AS 5 – 4.2, 8: Extraordinary itemsGI PL 5.i.k : disclosure of each items innote 6/11/2012 (c) Bisworanjan Sutar 24
  25. 25. Statement of Profit and Loss AS 24 – 32.a, 32.b : Face of PL AS 24 – 20, 23, 26, 28, 29 : Notes6/11/2012 (c) Bisworanjan Sutar 25
  26. 26. Statement of Profit and Loss6/11/2012 (c) Bisworanjan Sutar 26
  27. 27. Statement of Profit and Loss6/11/2012 (c) Bisworanjan Sutar 27
  28. 28. Significant Accounting Policies and Additional Notes6/11/2012 (c) Bisworanjan Sutar 28
  29. 29. Significant Accounting Policies Broad Head Reference ApplicabilityBasis of Preparation CA 211Change in Accounting Policy AS 1.26Use of Estimates GAAPTangible Fixed Assets AS 10, AS 11.46Depreciation on Tangible fixed assets AS 6.20, AS 6.29Intangible Assets AS 26Leases AS 19Borrowing Cost AS 16Impairment of Assets AS 28 Mandatory Partial Subject to Transaction 6/11/2012 (c) Bisworanjan Sutar 29
  30. 30. Significant Accounting Policies Broad Head Reference ApplicabilityGovernment grants and subsidies AS 12Investments AS 13Inventories AS 2Revenue Recognition AS 9Foreign currency translation AS 11Employee Benefits AS 15 AS 22, ICAI Ann DT, GNIncome taxes MATEmployee stock compensation cost SEBI.ESOP, GN.ESOPSegment Reporting AS 17 Mandatory Partial Subject to Transaction 6/11/2012 (c) Bisworanjan Sutar 30
  31. 31. Significant Accounting Policies Broad Head Reference ApplicabilityEarnings per share AS 20Provisions AS 29Cash and cash equivalents AS 3Derivative Instruments ICAI.Ann.DerAmalgamation Accounting AS 14Consolidation AS 21, AS 23, AS 27 Mandatory Partial Subject to Transaction 6/11/2012 (c) Bisworanjan Sutar 31
  32. 32. Additional Notes Broad Head Reference ApplicabilityRelated Party Transactions AS 18, ASI 13Interest in Joint Venture AS 27Capital and other commitments GIBS.6.TContingent Liabilities AS 29, GIBS.6.TUtilization of money raised through GIBS.6.V, SEBIpublic issueDerivative instruments and unhedged ICAI.Ann.Derforeign currency exposureSubsequent events AS 4.17Loans and advances to subsidiaries Clause 32 – SEBIMSMED disclosure Sec 22 MSMED Mandatory Partial Subject to Transaction 6/11/2012 (c) Bisworanjan Sutar 32
  33. 33. Additional Notes Broad Head Reference ApplicabilityValue of imports calculated in CIF basis GIPL.5.viii.aExpenditure in foreign currency (accrual) GIPL.5.viii.bImported and Indigenous rawmaterial, components and spare parts GIPL.5.viii.cconsumedNet dividend remitted in foreign GIPL.5.viii.dexchangeEarnings in foreign currency (accrual) GIPL.5.viii.ePayment to auditors GIPL.5.i.j Mandatory Partial Subject to Transaction 6/11/2012 (c) Bisworanjan Sutar 33
  34. 34. Q & A : Revised Schedule VI &6/11/2012 (c) Bisworanjan Sutar 34
  35. 35. AbbreviationsAS Accounting Standards or notified ASAS 19.20 Accounting Standard 19, Paragraph 20Notified AS Accounting Standards notified under the Companies (Accounting Standards ) Rules, 2006 (as amended)CA Companies Act, 1956CA 211 Section 211 of the Companies Act, 1956ICAI Institute of Chartered Accountants of IndiaICAI Ann Announcement on accounting aspect issued by the ICAINACAS National Advisory Committee on Accounting StandardsMCA Ministry of Corporate AffairsMSMED Micro, Small and Medium Enterprises Development Act, 2006LA Listing AgreementSMC Small and medium sized companyNon-SMC Company which is not a SMCRVI Revised Schedule VISVI Pre-revised Schedule VIGN Guidance Note issued by ICAIGN.Dep Guidance Note on Accounting for depreciation in CompaniesGN.ESOP Guidance Note on Accounting for Employee Share based paymentsGN.MAT Guidance Note on Accounting for credit available in respect of Minimum Alternative Tax under Income tax Act, 1961GN.RVI Guidance Note on Revised Schedule VIGIBS General Instructions for preparation of Balance Sheet prescribed in the Revised Schedule VIGIPL General Instructions for preparation of Statement of Profit and Loss prescribed in the Revised Schedule VIICAI.Ann.Der ICAI announcement on Accounting of DerivativesICAI.Ann.DerD ICAI announcement on Disclosures regarding Derivative InstrumentsICAI.Ann.DT ICAI announcement on Tax effect of expenses / income adjusted directly against the reserves and / or Securities Premium Account.RVI.BS Form of balance sheet prescribed in revised Schedule VIRVI.PL Form of statement of profit and loss prescribed in the revised Schedule VISEBI.ESOP SEBI (Employee Stock Option Scheme and Employee Stock Purchase Scheme) Guidelines, 1999 6/11/2012 (c) Bisworanjan Sutar 35
  36. 36. Thank You .Bisworanjan Sutar . +91 9090.732.991 brsutar@gmail.com https://www.facebook.com/groups/KM.SRB/ http://bisworanjansutar.blogspot.in/6/11/2012 (c) Bisworanjan Sutar 36

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