Icai Faqs for Schedule Vi

Frequently Asked Questions (FAQs) send memorial VI GENERAL 1. If the requirements of knowledge 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 alteration 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 radixards requires a change in the treatment or revelation in the pecuniary statements, the requirements of the Act and/or accounting standards eachow for prevail over the Schedule VI. As per the general development for preparation of the balance sheet, the regulatory authority requirements that overthrow Schedule VI and Schedule VI shall automatically stand circumscribed to that extent. 2. A company is preparing its fiscal statements in conformism with the Revised Schedule VI for the first tim e. For certain importune ation unavoidable to be disclosed in the notes, the ongoing lay out amounts are nil. For example, let us assume that there is no thoughtlessness in repayment of loan and interest be as at the end of current family. Is the com pany required to limn introductory year figures for such notes?

Alternatively, can it om it the antecedent 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 identical am ounts (com paratives) 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

If you want to get a full essay, visit our page: write my paper