Which of the following has issued revised Schedule VI?

Accordingly, the Ministry of Corporate Affairs (MCA) has issued a revised form of Schedule VI on February 28, 2011.

What is a revised balance sheet?

Revised Closing Balance Sheet means the pro forma balance sheet of the Business as of the Closing Date prepared and delivered by the Company to the Reinsurer in accordance with Article II of the Asset Purchase Agreement.

How can I check my schedule VI balance sheet in Tally prime?

View Schedule VI Balance Sheet

1. Go to Gateway of Tally > Audit & Compliance > Financial Statements > Balance Sheet .
2. Select Schedule VI Head and press Enter .
3. Drill down into the Schedule VI Heads in the Note Summary report for Schedule VI Rule Configuration .

What is revised Schedule 6?

The government has decided to revise schedule VI to the Companies Act, which stipulates the manner in which every company prepares and presents its balance sheet and profit and loss account. The draft revised schedule VI requires companies to classify assets and liabilities into current and non-current categories.

How can I view detailed balance sheet in Tally?

Press Alt+F1 to view the detailed Balance Sheet .

What is the revised schedule VI of Companies Act?

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 no connection with the converged Indian Accounting Standards.

Is the new format under Schedule VI in tune with global accounting?

Introduction of new format under Schedule VI no doubt a welcome step in tune with the changes in the global accounting. But the format in many areas reveal an incomplete composition and raises many questions as how to present a particular item under which head.

Which financial statements are not required in the new Schedule VI?

GENERAL INSTRUCTIONS FOR PREPARATION OF STATEMENT OF PROFIT AND LOSS Not required in New Schedule VI : (b) Dividend Income; (c) Net gain/ loss on sale of investments fixed assets andERFgain ‐Income from investment were  bifurcated to  Trade  investment and other investments such bifurcation is not required in revised format.

Does revised schedule vi define cash and cash equivalents?

Q –8) Revised Schedule VI does not define cash and cash equivalents, does it mean we have to follow the requirements of the same as per AS – 3? Back up slide Examples: A –8) Yes. As ASwill prevail over schedule VI.  Thus, one should change the disclose of cash and bank balance as sub‐heading Cash and Cash Equivalents and Other bank balances.