About Revised Schedule VI

By Naveen Chand Khulve

Ministry of Corporate Affairs has amended the schedule VI which is required to be implemented by the companies from Financial Year 2011-12 along with regrouping last year figures. Following are the changes in Revised Schedule VI.

1. Source of fund shall be replaced by Equity and Liabilities.

2. Application of funds shall be replaced by Assets.

3. Shareholding of more than 5% shares in the company as on balance sheet date need to be disclosed separately.

4. Profit and Loss account shall be replaced by Statement of Profit and Loss.

5. Statement of Profit and Loss (Dr. Balance) shall be disclosed under head Reserves and Surplus.

6. Share Application money pending allotment is not a part of Shareholders Fund now.

7. Sundry Debtors shall be replaced by Trade Receivables.

8. In case trade receivables outstanding for a period exceeding 6 months from the date they become due for payment then separate disclosure required.

9. Tangible assets under lease are required to be separately specified under each class of assets.

10. Current liabilities will not be shown as deduction from Current Assets.

11. Assets and liabilities shall be bifurcated into Current and Non Current portion.

12. Miscellaneous Expenditure as a separate head does not exists now.

Format of Balance Sheet in Revised Schedule VI

Equity and Liabilities	Note No.	Figures at end of current reporting period	Figures at end of previous reporting period
Shareholder’s Fund Capital Reserve and Surplus Money Reserved against share warrants
Share Application money pending allotment
Non Current Liabilities Long Term Borrowings Deferred Tax Liabilities (Net) Other long Term Liabilities Long Term Provisions
Current Liabilities Short Term Borrowings Trade Payables Other Current Liabilities Short Term Provisions

Format of Balance Sheet in Revised Schedule VI

Assets	Note No.	Figures at end of current reporting period	Figures at end of previous reporting period
Non Current Assets Fixed Assets · Tangible Assets · Intangible Assets · CWIP · Intangible Assets under development Non Current Investment Deferred Tax Assets (Net) Long terms loans and advances Other Non-Current Assets
Current Assets Current Investment Inventories Trade Receivables Cash and Cash Equivalents Short Term loans and advances Other Current Assets

Format of Statement of Profit and Loss

Particulars	Note No.	Figures at end of current reporting period	Figures at end of previous reporting period
Revenue from Operations Other Income Total Revenue
Expenses Cost of Material Consumed Purchases of Stock in Trade Changes in inventories of finished goods WIP and SIT
Employee Benefit expenses Finance Costs Depreciation and Amortization expenses Other expenses
Profit before exceptional and extraordinary items and tax
Extraordinary items
PBT
Tax Expenses Current Tax Deferred Tax
Profit (Loss) for the period from continuing operations
Profit (Loss) for the period from discontinuing operations
Tax expenses of discontinuing operations
Profit (Loss)  from discontinuing operations (after tax)
Profit (Loss) for the period
EPS Basic Diluted

Distinction between term Current and Non Current:-

An item is classified as current

1. If it is involved in the entity’s operating cycle

2. Is expected to be realized / settled within 12 months.

3. If it is held primary for trading

4. Is cash or cash equivalents

5. If entity does not have unconditional right to defer settlement of liability for at least 12 months after reporting period.

All other items are non current.

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