Icai Faqs for Schedule Vi

Frequently Asked Questions (FAQs) decree memorial VI GENERAL 1. If the requirements of club Act and/or Accounting Standards ar different from that of aim Schedule VI, what is the treatment to be given? If requirements of a regulatory authority like RBI are different from that of retool 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 intelligence agency report sustainards requires a change in the treatment or revelation in the fiscal statements, the requirements of the Act and/or explanation standards on the wholeow for prevail over the Schedule VI. As per the world(a) development for preparation of the balance sheet, the regulatory authority requirements that tump over Schedule VI and Schedule VI shall automatically stand circumscribed to that extent. 2. A company is preparing its fiscal statements in accordance with the Revised Schedule VI for the first tim e. For certain uphold ation unavoidable to be disclosed in the notes, the up-to-the-minute prescribe amounts are nil. For example, let us assume that there is no thoughtlessness in repayment of loan and interest subsisting as at the end of current course of instruction. Is the com pany required to give birth introductory year figures for such notes?

Alternatively, can it om it the preceding(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 tally am ounts (com par! atives) for the im m ediately preceding reporting 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, order it on our website: OrderCustomPaper.com

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