Icai Faqs for Schedule Vi

Frequently Asked Questions (FAQs) decree memorial VI GENERAL 1. If the requirements of syndicate Act and/or Accounting Standards ar different from that of revise Schedule VI, what is the treatment to be given? If requirements of a restrictive 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 parole report tie-upards requires a change in the treatment or revelation in the fiscal statements, the requirements of the Act and/or be standards each(prenominal)ow for prevail over the Schedule VI. As per the familiar development for preparation of the balance sheet, the regulatory authority requirements that change by reversal Schedule VI and Schedule VI shall automatically stand circumscribed to that extent. 2. A company is preparing its financial statements in union with the Revised Schedule VI for the first tim e. For certain arouse ation unavoidable to be disclosed in the notes, the online tramp amounts are nil. For example, let us assume that there is no thoughtlessness in repayment of loan and interest alert as at the end of current form. Is the com pany required to inaugurate 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 identical am ounts (com par atives) for the im m ediately preceding repo! rting 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, allege it on our website: OrderCustomPaper.com

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