ANALYSIS OF REVISED
SCHEDULE VI
TO
THE COMPANIES ACT ,1956
• MCA REVISED SCHEDULE VI OF COMPANIES ACT,1956 BY
NOTIFICATION NO S.O.447(E),DATED 28.02.2011
• APPLICABLE TO ALL COMPANIES (EXCEPT
BANKING,INSURANCE & ELECTRICITY COMPANIES) FROM 1ST
APRIL 2011 ONWARDS
• IT INTRODUCED NEW TERMS , MANDATED ADDITIONAL
DISCLOSURES & CHANGED CERTAIN GROUPINGS
Features
• Closer to global look
• Flexibility
• Removal of reduntant disclosure
requirements
• Prescribes minimum requirementsadditional line/subline items can be added
-overriding effect of accounting
standards,MSMED Act etc
Scope
•
Covered
-Presentation Requirements
-Disclosures
• Not Covered
1. Recognition principles
2. Measurement
Which are the domain of Accounting
standards
Applicability
• Annual year ending 31 March, 2012
• Corresponding figures ( Previous year
figures) are to be restated
Rounding etc
1. Optional
•
•
Turnove<100 Cr- R/off to nearest
hundreds,thousands,lakhs or millions or
decimals
Turnove>100 Cr- R/off to nearest lakhs
or millions or decimals
Name of the Company
BALANCE SHEET AS AT
Rs in……..
Particulars
EQUITY AND LIABILITIES
1.SHAREHOLDERS FUNDS
(a) SHARE CAPITAL
(b) RESERVES AND SURPLUS
(c) MONEY REC. AGST. SHARE WARRANTS
2.SHARE APPLICATION MONEY PENDING
3.NON-CURRENT LIABILITIES
(a) LONG TERM BORROWINGS
(b) DEFERRED TAX LIABILITIES (NET)
(c) OTHER LONG-TERM LIABILITIES
(d) LONG-TERM PROVISIONS
4.CURRENT LIABILITIES
(a) SHORT TERM BORROWINGS
(b) TRADE PAYABLES
(c) OTHER CURRENT LIABILITIES
(d) SHORT TERM PROVISIONS
Note No
Figures as at end
of the current year
reporting period
Figures as at
end of the
current year
reporting
period
Particulars
Note No
ASSETS
NON-CURRENT ASSETS
(a)FIXED ASSETS
(i)TANGIBLE ASSTS
(ii) INTANGIBLE ASSETS
( iii) CAPITAL WORK-IN-PROGRESS
( v) INTANGIBLE ASSETS UNDER DEVELOPMENT
(b) NON-CURRENT INVESTMENTS
(c) DEFERRED TAX ASSETS (NET)
(d) LONG-TERM LOANS AND ADVANCES
(e) OTHER NON-CURREN T ASSETS
CURRENT ASSETS
(a) CURRENT INVESTMENTS
(b) INVENTORIES
(c) TRADE RECEIVABLES
(d) CASH AND CASH EQUIVALENTS
(e) SHORT-TERM LOANS AND ADVANCES
(f) OTHER CURRENT ASSETS
TOTAL
Figures as at en of
the current year
reporting period
Figures as at
end of the
current year
reporting
period
Profit and Loss Statement for the year ended
Rs in…..
Particulars
I.
II.
Note No
Revenue from operations
Other income
Total revenue (I+II)
III.
VI
Expenses
a. Cost of materials consumed
b. Purchase of stock in Trade
c. Changes in inventories of finished ,work in progress,
and stock in trade
d. Employee benefit Expenses
e. Financial Costs
f. Depreciation and amortization expenses
g. Other expenses
Total Expenses
V. Profit before exceptional and extra ordinary items and tax
(III-IV)
Figures as at en
of the current
year reporting
period
Figures as at
end of the
current year
reporting
period
Particulars
VI. Exceptional Items
VII. Profit before extra ordinary items and tax( V-VI)
VIII. Extraordinary Items
IX .Profit before tax (VII-VIII)
X. Tax Expense
(1) Current Tax
( 2) Deferred Tax
XI. Profit /( Loss) for the period from continuing
operations (VII-VIII)
XII. Profit /( Loss) for the period from Discontinuing
operations
XIII. Tax Expense of Discontinuing Operations
XIV. Profit /( Loss) for the period from Discontinuing
operations (after tax) (XII-XIII)
XV. Profit /( Loss) for the period (XI+XIV)
XVI. Earnings per equity share:
(a) Basic
(b) Diluted
Note No
Figures as at en of
the current year
reporting period
Figures as at
end of the
current year
reporting
period
Definitions
• Asset- A resource controlled by an entity
as a result of past events from which
future economic benefits are expected to
flow to the entity
• Liability- A preset obligation of the entity
arising from past events, the settlement of
which is expected to result in an outflow
from the entity
Equity-The Residual interest in the assets of
the entity after deducting all its liabilities
Provision-A present obligation which
satisfies the rest of the definitions of the
liabilities, even if the amount of the
obligation has to be estimated
Current Assets
•
a)
b)
c)
d)
Current Asset- satisfies any of the following
criteria:
Expected to be realized in, or it is intended for
sale or consumption in the normal operating
cycle
Held primarily for the purpose of being traded
Expected to be realized within 12 months after
the reporting date
Cash or Cash equivalent not subject to any
restrictions for atleast 12 months
Operating Circle
• Time between the acquisition of asset for
processing and their realization in cash or
cash equivalents
• Where normal operating cycle can not be
identified- 12 months
Current Liabilities
Any of the following conditions:
A) Expected to be settled in the normal
operating cycle
B) Held primarily for the purpose of being
traded
C) Due to be settled within 12 months
D) Company does not have an
unconditional right to defer settlement for
at least 12 moths
Equity and Liabilities
Shareholders Fund

Share Capital
1.
2.





Each class of share capital to be shown, Different classes to be treated
differently
Following details to be given:
Number and Amount of Authorized share capital
Issued Share capital
Subscribed and fully paid share capital
Subscribed share capital but not fully paid
Par Value per share shown
3. Rights, preferences and restrictions attaching to each class of shares
shown including restrictions on Dividends distribution and repayment of
capital
4
.A reconciliation of No. shares outstanding at the beginning and at the
end of reporting period
4.Shares (in aggregate) of each class held by:





Holding company
Ultimate holding
Subsidiaries
Associates of the Holding Company
Associates of Ultimate Holding Company
5. Shareholders having holding more than 5% shares ,specifying the Name &
No. of shares
6.Terms and Amounts of:


Shares reserved for issue under option of control
Commitments for the sale of shares/Disinvestments
7.For the preceding 5 years:



Aggregate number and class of shares allotted as fully paid up pursuant to
contract(s) without payment being received in cash
Aggregate number and class of shares allotted as fully paid Bonus shares
Aggregate number and class of shares bought back
8.Terms of any securities convertible in to equity/ preference shares issued
along with the earliest date of conversion in descending order starting from
the farthest such date
9.Calls unpaid shown as:
 By directors
 By officers
10.Forfeited Shares (Amount originally paid up).
 RESERVES & SURPLUS
Classification of Reserves and surplus in to:
•
•
•
•
•
•
•
•
Capital reserves
Capital Redemption Reserves
Securities premium reserves
Debenture Redemption Reserve
Revaluation Reserve
Share Option Outstanding Account
Other reserves
Surplus, showing allocations and appropriations such as dividend, bonus shares and
transfer to / from reserves
•
•
Surplus- balance in P & L a/c showing allocations and appropriations
Negative Balance of Profit and Loss Account, if any, to be shown under the
"Surplus" head as a negative figure
•
The word `fund' in connection with reserve is to be used only where such
Reserve is specifically represented by earmarked investments.
•
Additions and Deductions since last Balance Sheet date to be shown under
each of the specified heads
 Money Received against Share Warrants
Amount received against issue of share warrants is to be brought in
to the face of Balance sheet
 Share Application money pending Allotment
•
•
•
Terms and Conditions
Number of shares proposed to be issued, premium if any
Period before which shares shall be allotted
•
To be disclosed that the company has sufficient authorized capital to
include share capital amount.
•
The period for which the share application money has been pending beyond
the period for allotment shall be disclosed.
•
Share application money not exceeding the issued capital and to the extent
not refundable shall be shown under the Head EQITY
•
Refundable share application money/ Requirements for minimum
subscription not met shall be shown under ‘Other Current liabilities”
NON-CURRENT LIABILITIES
 Long-term Borrowings
•
•
•
•
•
•
•
•
•
Bonds / Debentures
Term Loans:
a) From Banks
b) From Other Parties
Deferred Payment liabilities
Deposits
Loans and advances from related parties
Long Term maturities of finance lease obligations
Other Loans and advances, specifying nature
•
Long term Borrowings to be sub-classified as:
-Secured (nature of the security to be specified)
-Unsecured
•
Aggregate of loans guaranteed by :
-Directors
-Others
•
Rate of interest and terms of redemption / conversion of bonds / debentures
to be stated in descending order of maturity of redemption / conversion,
Where Bonds / Debentures are redeemable by instalments, the date of
maturity for this purpose must be reckoned as the date on which the first
instalment becomes due.
•
Particulars of the redeemed bonds which can be reissued to be shown
•
Period and amount of continuing default in the repayment of loans and
interest shown separately in each case

Deferred Tax Liabilities (Net)

•
Other Long-term Liabilities
Classification of other long term liabilities as :-Trade payables
-Others
“Current maturities of all long term borrowings to be disclosed under
other current liabilities”
•
•
Long-Term Provisions
Classification of Provisions as:
-Provision for employee benefits
-Others (Specifying nature) Eg: provision for warranties
Current Liabilities-Classification
•
•
•
•
Short Term Borrowings
Trade Payables
Other Current liabilities
Short Term Provisions
CURRENT LIABILITIES
Short Term Borrowings
Repayable on demand
From Banks
Loans and Advances
From related parties
From other Parties
Deposits
Other Loans and deposits
(specify nature)
•
Further Short Term borrowings into:
-Secured (nature of the security to be specified)
-Unsecured
•
Aggregate of loans guaranteed by the following should be disclosed:\\
-Directors
-Others
•
Period and amount of continuing default in the Repayment of Loans and
Interest shown separately in each case

Trade Payables

•
Other Current Liabilities
Classification of other current liabilities into:
-Current maturities of Long term debt
-Current maturities of finance lease obligations
-Interest accrued but not due on borrowings
-Interest accrued and due on borrowings
-Income received in advance
-Application money received for allotment of securities and due for refund and
interest accrued thereon.
-Unpaid matured deposits and interests accrued thereon
-Unpaid matured debentures and interest accrued thereon
-Other payables, specifying nature Eg: TDS , VAT

•
Short- term Provisions
Classification of short term provisions into:
-Provision for employee benefits
-Others, specifying nature Eg: Provision for Dividend, Tax
II.ASSETS
Assets
Non- Current Assets
Current Assets
Non Current Assets
Fixed Assets
Tangible Assets
Intangible Assets
Non- Current
Investments
Capital W I P
Deferred Tax Assets
Intangible assets
Under development
Long Term Loans
And advances
Other Non- Current
Assets

Tangible Assets
•
Classification of Tangible Assets into:
•
•
•
•
•
•
•
Land
Buildings
Plant and Equipment
Furniture and fixtures
Vehicles
Office Equipments
Others (specifying nature)

Asset under lease shall be shown separately under each class of asset

Reconciliation of gross and net carrying amounts of each class of assets
at the beginning and end of the reporting period showing:
•
•
•
•
•
•
Additions
Disposals
Acquisitions through business combinations
Other Adjustments
Amortization
Depreciation/Impairment losses/reversals
Where a capital reduction scheme or a revaluation of assets has taken place, every
balance sheet subsequent to the reduction or revaluation shall show the
reduced/increased figures, the date of the reduction/increase and the amount of reduction /
increase for the first 5 years subsequent to the reduction / revaluation.
 Intangible Assets

•
•
•
•
•
•
•
•
•
Classification of Intangible Assets into:
Goodwill
Brands/trademarks
Computer software
Mastheads and publishing titles
Mining rights
Copyrights and patents and other Intellectual property rights, services and operating
rights
Recipes, formulae, models, designs and prototypes
Licenses and franchises
Others (specifying nature)
Non-Current Investments
Non-current Investments
Trade investments
Other Investments
Sub classified in to:
Investments in Property
-Investments in Equity instruments
-Investments in Preference shares
-Investments in Government or trust securities
-Investments in Debentures or Bonds
-Investments in Mutual funds
-Investments in Partnership firms
-Others (specifying nature)
Long Term Loans and Advances
Loans and advances
-
Capital Advances
•
•
Security deposits
Loans and advances to
related parties
(giving details
Other loans and
advances
Allowance for bad and doubtful loans and advances disclosed under
relevant heads.
Loans and Advances due from:
-Directors or other officers of the company
-Amounts due by firms in which any director is a partner
-Amounts due by private companies in which any director is a director or member
(
•
Other Non-Current Assets:
•
•
Long term trade receivables
Others -specifying nature
Long term trade receivables
Secured, considered good
Unsecured, considered good
Doubtful
CURRENT ASSETS
• Current Investments
• Classification of Current Investments into:
Investments in Equity instruments
Investments in Preference shares
Investments in Government or trust securities
Investments in Debentures or Bonds
Investments in Mutual funds
Investments in Partnership firms
Others (specifying nature)
• In case of investments in bodies corporate the following additional
disclosures shall be made under each classification:
•
•
Names of the body corporate (indicating whether they are associates, joint ventures,
subsidiaries or controlled special purpose entities)
Nature and extent of the investments
•
Partly paid investments to be separately shown
• The basis of valuation of individual investments
Inventories
•
Classification of Inventories into:
Raw materials
Work in progress
Finished goods
Stock in trade (in respect of goods acquired for trading )
Stores and spares
Loose tools
Others (specifying nature)
•
•
Goods-in-transit to be disclosed under relevant sub-head.
Mode of Valuation to be stated
Trade Receivables
Trade receivables
Secured, considered good

Unsecured, considered good
Doubtful


Aggregate amount of outstanding trade receivable exceeding 6 months
shown separately
Allowance for bad and doubtful debts disclosed under relevant heads
Debts due from:
•
•
•
•
Directors or other officers of the company
Amounts due by firms in which any director is a partner
Amounts due by private companies in which any director is a director
or member
Cash and Cash Equivalents
Cash and Cash
Eqivalents
Balance with Bank
Cheques, drafts
on hand
Cash in Hand
Others
(specify the nature)
• The following shall be shown separately :
• Earmarked balances with bank.
• Balances with bank held as margin money or security against
borrowing
• guarantees and other commitments
• Repatriation restrictions, if any, in respect of cash and bank balances.
• Bank deposits with more than 12 months maturity
Other Current Assets
All inclusive heading which incorporates current assets that do not fit in other asset
categories. Specifying nature of all items
Short Term Loans And Advances
•
•
Loans and Advances to Related parties (giving details thereof)
Others (specifying nature)
•
•
CONTINGENT LIABILITIES AND COMMITMENTS
The following shall be disclosed to the extent not provided for:
•
•
•
Claims against the company not acknowledged as debts
Guarantees.
Other money for which the company is contingently liable.
Classification of Commitments into:
•
•
•
Estimated amount of contracts remaining to be executed on capital account and not
provided for
Uncalled liability on shares and other investments partly paid
Other commitments ( specify nature)
PROFIT AND LOSS ACCOUNT
Revenue from operations
Company other than Finance Company
Sale of Products
Sale of Services
Other Operating Expenses
Less: Excise Duty
Finance Company
Interest
Income from other Financial Services
Other Income
•
Classification of Other Income into:
-
Interest Income (except for a finance company)
Dividend Income
Net gain / loss on sale of Investments
-
Other Non-Operating Income (net of expenses directly attributable)
-
Adjustments to the carrying amount of investments
-
Net gain from foreign currency transactions and translations
-
Any item of revenue which exceed 1 % of revenue from operations or
Rs. 1lakh ,whichever is higher
EXPENSES
Expenses to
Be Disclosed
Manufacturing Companies
Raw Materials & Goods
Purchased under
broad Heads
Trading Companies
Goods Purchased under
Broad heads
Rendering/Supplying
services
Gross income derived from
Services rendered
Employee Benefits Expense
•
•
•
•
Salaries and Wages
Contribution to Provident and Other Funds
Expenses on Employee Stock Option Scheme (ESOP) and Employee Stock Purchase
Plan
Staff Welfare Expenses
• Finance Costs
•
•
•
Interest Expense
Other Borrowing Cost
Net gain / loss from foreign currency transactions and translations
Other Expenses

Any item of expenditure which exceed 1 % of revenue from operations or Rs.1
lakh, whichever is higher

Adjustments to the carrying amount of investments

Net loss from foreign currency transactions and translations other than those
considered as Finance Costs

Payment to the Auditors:
•
•
•
•
•
•
As Auditors
For Taxation matters
For Company Law matters
For Management services
For other services
For Reimbursement of expenses
 Following expenditures to be shown separately
•
•
•
•
•
•
•
•
Consumption of stores and spare parts
Power and Fuel
Rent
Repairs to Buildings
Repairs to Machinery
Insurance
Rates and Taxes, excluding Tax on Income
Miscellaneous Expenses