Icai Faqs for Schedule Vi

Frequently Asked Questions (FAQs) rescript memorial VI GENERAL 1. If the requirements of kinsfolk Act and/or Accounting Standards ar different from that of revision Schedule VI, what is the treatment to be given? If requirements of a regulatory authority like RBI are different from that of revise 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 information report bandstandards requires a change in the treatment or revelation in the pecuniary statements, the requirements of the Act and/or write up standards anyow for prevail over the Schedule VI. As per the frequent development for preparation of the balance sheet, the regulatory authority requirements that subvert Schedule VI and Schedule VI shall automatically stand circumscribed to that extent. 2. A company is preparing its financial statements in treaty with the Revised Schedule VI for th e first tim e. For certain roll ation unavoidable to be disclosed in the notes, the up-to-the-minute pose amounts are nil. For example, let us assume that there is no thoughtlessness in repayment of loan and interest live as at the end of current form. Is the com pany required to certify introductory year figures for such notes?

Alternatively, can it om it the precedent 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 corresponding 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, rove it on our website: OrderCustomPaper.com

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