Schedule 6 Final

8/2/2019 Schedule 6 Final

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Schedule VI of the Companies Act, 1956, prescribes theformat of financial statements and disclosure

requirements for corporate entities in India.

As per notification dated 28th March, 2011 by Ministry

of Corporate Affairs the Revised Schedule VI is

applicable to balance sheet & profit & loss account to be

prepared for the financial year commencing on or from

01st April 2011.

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One of the Main aim of revising schedule VI was to attaincompatibility and convergence with IFRS in India.

In may 2008, MCA issued a press release in which it has

committed to convergence with IFRS by April 1, 2011

At the G20 summit on financial Market and World

Economy, then Finance Minister also committed to have

convergence with IFRS in India

Other main object of revising schedule VI was to

eliminate numerous statistical and disclosure

requirements which are not relevant from an investor

perspective.3


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The revised schedule VI intends to familiarize companies with IFRS by using

certain concepts such as current/non-current classification.

The Revised Schedule VI has eliminated the concept of schedules and such

information will now be provided in the notes to accounts. This is as done whenapplying IFRS.

From now on, the compliance requirements of Act and/or Accounting standards

will prevail over schedule VI.

Better presentation, disclosure is intended to facilitate better organised data for

users of financial statement.


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To commence exercise of validating previous year numbers in revised

schedule VI format .

Changes need to be made in MIS / IT systems to collate information of

current /non current portions of assets and liabilities .

Break-up of employee benefit liabilities in current and non current to

be obtained from independent actuary .

Review loan agreement to avoid becoming current liability in case of

non compliance of minor clauses.

Additional time and efforts for the companies and auditors to

understand and implement changes.


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Particulars Note No. Figures for thecurrent reportingperiodRevenue from Operations

Other Income

Total Revenue ( I + II)

Expenses

Cost of Material ConsumedPurchases of Stock in TradeChanges in inventories of finished goodsWork in progress and stock in tradeEmployee Benefit expenseFinance CostsDepreciation and amortization expenseOther expenses

Profit Before Exceptional and extraordinaryitems and tax

Exceptional Items


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Particulars NoteNo. Figures for thecurrent reportingperiodProfit Before extraordinary items and tax

Extraordinary Items

Profit Before Tax

Tax ExpenseCurrent TaxDeferred Tax

Profit (loss) for the period from continuingoperations

Profit (loss) from discontinuing operations

Tax expense of discontinuing operations

Profit(loss) from discontinuing operations(after tax)

Profit (loss) for the period

Earnings per equity share

BasicDiluted


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Nature of the company Disclosure requiredManufacturing company Raw materials under broad heads

and goods purchased under thebroad head .

Trading company Purchases of goods under the

broad heads.

Companies rendering or supplyingservices

Gross income derived fromservices rendered under the broadhead .

Company that falling in more than

category

It will be sufficient compliance with

the requirements ,if purchases,sales and consumption of rawmaterial and the gross incomederived from services renderedunder the broad head .


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Balance sheet


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Balance sheet


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Annual report of TechMahindra Ltd. www.mca.gov.in

Catching up with global trends an article inEconomic Times dated 16th February, 2012
http://www.mca.gov.in/http://www.mca.gov.in/


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Documents

Schedule 6 Final