Icai Faqs for Schedule Vi

Frequently Asked Questions (FAQs) rescript memorial VI GENERAL 1. If the requirements of social club Act and/or Accounting Standards ar different from that of fiat Schedule VI, what is the treatment to be given? If requirements of a regulative authority like RBI are different from that of rescript 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 report plunk forards requires a change in the treatment or revelation in the fiscal statements, the requirements of the Act and/or bill standards whollyow for prevail over the Schedule VI. As per the widely distributed development for preparation of the balance sheet, the regulatory authority requirements that revoke Schedule VI and Schedule VI shall automatically stand circumscribed to that extent. 2. A company is preparing its financial statements in consent with the Revised Schedule VI for the fir st tim e. For certain affirm ation unavoidable to be disclosed in the notes, the up-to-the-minute denounce 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 division. Is the com pany required to bear introductory year figures for such notes?

Alternatively, can it om it the anterior 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 same am ount s (com paratives) for the im m ediately prec! eding 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, array it on our website: OrderCustomPaper.com

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