Icai Faqs for Schedule Vi

Frequently Asked Questions (FAQs) fiat memorial VI GENERAL 1. If the requirements of company Act and/or Accounting Standards ar different from that of rewrite Schedule VI, what is the treatment to be given? If requirements of a regulatory authority like RBI are different from that of rewrite Schedule VI, what treatment should be given? Para 4.1.1 of the rewrite Schedule VI necessitates that if compliance with the requirements of the Act and/or parole report alkaliards requires a change in the treatment or revelation in the monetary statements, the requirements of the Act and/or history standards in allow for prevail over the Schedule VI. As per the common development for preparation of the balance sheet, the regulatory authority requirements that turn back Schedule VI and Schedule VI shall automatically stand circumscribed to that extent. 2. A company is preparing its monetary statements in uniformity with the Revised Schedule VI for the first tim e. For certa in control ation unavoidable to be disclosed in the notes, the rate of flow position amounts are nil. For example, let us assume that there is no thoughtlessness in repayment of loan and interest active as at the end of current form. Is the com pany required to dumbfound introductory year figures for such notes?

Alternatively, can it om it the previous(prenominal) year inform ation since no disclosure is required in the current year? Revised Schedule VI requires that Except in the baptistry of the first financial statem ents laid before the com pany (after its incorporation), the match am ounts (com par atives) for the im m ediately preceding repo! rting uttermost for all stage s show n in the financial statem ents including notes shall too be given. The objective of presenting com parative inform ation is to help users of financial statem ents in understanding t he trends and key changes vis -à-vis the previous period financial statem ents. The inter-period com parability of inform ation assists users in taking their econom ic decisions. Hence, a com...If you want to get a full essay, array it on our website: OrderCustomPaper.com

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