Write notes on Schedule VIth of Companies Act.
Answers
Schedule VI of Companies Act stipulates the format in which every company should prepare and present its Balance Sheet and Profit & Loss account. These stipulations ensure comprehensive presentation of the financial performance andposition of a company. This enables a fair comparison of the companys performance against its own historical performance, as well as comparison with other companies.
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The amended Schedule VI is to take effect for financial accounts closing on 31st March, 2012. As per MCA, the revised Schedule VI has been framed as per the existing non-converged Indian Accounting Standards notified under the Companies (Accounting Standards), Rules, 2006 and has nothing to do with the converged Indian Accounting Standards. The disclosure requirements specified in the amended Schedule VI are in addition to and not in substitution of the disclosure requirements specified in the Accounting Standards prescribed under the Act. Hence, all disclosures as required by the Companies Act and Accounting Standard shall be made in the notes to accounts in addition to the requirements set out in this Schedule.
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