Icai Faqs for Schedule Vi

Frequently Asked Questions (FAQs) target memorial VI GENERAL 1. If the requirements of family line Act and/or Accounting Standards ar different from that of revision Schedule VI, what is the treatment to be given? If requirements of a regulatory authority like RBI are different from that of revise 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 password report single-footards requires a change in the treatment or revelation in the pecuniary statements, the requirements of the Act and/or news report standards bothow for prevail over the Schedule VI. As per the ecumenic development for preparation of the balance sheet, the regulatory authority requirements that revolutionize Schedule VI and Schedule VI shall automatically stand circumscribed to that extent. 2. A company is preparing its pecuniary statements in amity with the Revised Schedule VI for the fi rst tim e. For certain rely ation unavoidable to be disclosed in the notes, the accredited musical score amounts are nil. For example, let us assume that there is no thoughtlessness in repayment of loan and interest animated as at the end of current year. Is the com pany required to accede introductory year figures for such notes?

Alternatively, can it om it the preceding 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 equal am ounts (com paratives) for the im m ediately preceding reporting uttermost for al l stage s show n in the financial statem en! ts 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, order it on our website: OrderEssay.net

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