March 18, 2011

Changes in New Schedule VI

Sr. Particulars No. Old Schedule Vi Revised Schedule Vi

Turnover of less than Rs. 100 Crs - Turnover of less than Rs. 100 Crs R/off to the nearest R/off to the nearest Hundreds, Hundreds, thousandsthousands, lakhs or millions or or decimal thereof decimal thereof Turnover of Rs. 100 Crs or more but less Rounding off than Rs. 500 Crs R/off to the nearest of Figures appearing in Hundreds, thousands, lakhs or financial millions or decimal statement Turnover of Rs. 100 Crs or more thereof R/off to the nearest lakhs, millionsor crores, or decimal Turnover of Rs. 500 thereof Crs or more - R/off to the nearest Hundreds, thousands, lakhs, millions or crores, or decimal thereof Current assets & Liabilities are shownAssets & Liabilities are to be together under bifurcated in to current & NonNet Working application of funds. current and to be shown separately. Capital The net working Hence, net working capital will not capital appears on be appearing in Balance sheet. balance sheet. There was no Fixed assets to be shown under nonbifurcation required current assets and it has to be Fixed Assets in to tangible & bifurcated in to Tangible & intangible assets. intangible assets. Short term & long Long term borrowings to be shown term borrowings are under non-current liabilities and grouped together short term borrowings to be shown Borrowings under the head Loan under current liabilities with funds sub-head separate disclosure of secured / Secured / Unsecured unsecured loans. Period and amount of continuing default as on the balance sheet date

in repayment of loans and interest to be separately specified 5 Finance lease obligation Finance lease Finance lease obligations are to be obligations are grouped under the head non-current included in current liabilities liabilities Lease deposits are Lease deposits to be disclosed as part of loans & long term loans & advances under advances the head non-current assets Both current & nonCurrent and non-current investments current investments are to be discosed separately under to be disclosed current assets & non-current assets under the head respectively. investments Loans & Advance Loans & Advances to be broken up are disclosed in long term & short term and to be alongwith current disclosed under non-current & assets current assets respectively. Loans & Advance to Loans & Advance from related subsidiaries & parties & others to be disclosed others to be separately. disclosed separately. Deferred Tax Deferred Tax assets / liabilities to assets / liabilities to be disclosed under non-current be disclosed assets / liabilities as the case may separately be. Bank balances in relation to Bank balance to be ermarked balances, held as margin bifurcated in money against borrowings, deposits scheduled banks & with more than 12 months maturity, others each of these to be shown separately. P&L debit balance Debit balance of Profit and Loss to be shown under Account to be shown as negative the head figure under the head Surplus. Miscellaneous Therefore, reserve & surplus expenditure & balance can be negative. losses. Creditors to be broken up in to It is named as Trade payables and micro & small there is no mention of micro & suppliers and other small enterprise disclosure. creditors. No specific mention Current maturities of long term debt for separate to be disclosed under other current disclosure of liabilities. Current maturities of

Deposits

Investments

Loans & Advances

Deffered Tax Assets / Liabilities

10

Cash & Bank Balances

11

Profit & Loss (Dr Balance)

12

Sundry Creditors

13 Other current liabilities

14

15

16

17

18

long term debt No specific mention for separate disclosure of Current maturities of finance lease Current maturities ofobligation to be disclosed. finance lease obligation any item under which expense exceeds one per cent any item of income / expense which Separate line of the total revenue exceeds one per cent of the revenue item of the company or from operations or Rs. Disclosure Rs. 5,000 which 1,00,000, which ever is higher; to be criteria ever is higher; shall disclosed separately be disclosed separately Expenses in Statement of Profit and Expense Function wise & Loss to be classified based on nature classification nature wise of expenses Finance cost shall be classified as Finance cost to be interest expense, other borrowing Finance Cost classified in fixed costs & Gain / Loss on foreign loans & other loans currency transaction & translaton. Gain / Loss on Foreign foreign currency Gain / Loss on foreign currency exchange gain / transaction to be transaction to be separated into loss shown under finance finance costs and other expenses cost The purchase made and the opening & closing stock, giving Goods traded in by the company to break up in respect be disclosed in broad heads in notes. Purchases of each class of Disclosure of quantitative details of goods traded in by goods is diluted the company and indicating the quantities thereof.