Sr. No.
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Particulars
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Old Schedule VI
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Revised Schedule VI
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1.
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Rounding off of Figures appearing in financial statement
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Turnover of less than ₹ 100 Crs. – R/off to the nearest
Hundreds, thousands or decimal thereof
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Turnover of less than ₹ 100 Crs. – R/off to the nearest
Hundreds, thousands, lakhs or millions or decimal thereof
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Turnover of ₹ 100 Crs. Or more but less than ₹ 500 Crs. R/off to the nearest Hundreds, thousands, lakhs or millions
or decimal thereof.
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Turnover of ₹ 100 Crs. or more R/off to the
nearest lakhs, millions or crores, or decimal thereof.
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Turnover of₹ 500 Crs. or more R/off to the
nearest Hundreds, thousands, lakhs, millions or crores, or decimal thereof.
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2.
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Net Working Capital
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Current assets & liabilities are shown together under application
of funds. The net working capital appears in the balance sheet.
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Assets & liabilities are to be bifurcated in to current &
Non-current and to be shown separately. Hence, net working capital will not
be appearing in the Balance sheet.
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3.
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Fixed Assets
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There was no bifurcation required in to tangible & intangible
assets.
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Fixed assets to be shown under non–current assets and it has to be
bifurcated into Tangible & intangible assets.
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4.
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Borrowings
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Short term & long term borrowings are grouped together under the
head loan funds subhead Secured/unsecured.
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Long term borrowings to be shown under non-current liabilities and
short term borrowings to be shown under current liabilities with separate
disclosure of secured / unsecured loans.
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Period and amount of continuing default as on the balance sheet date
in repayment of loans and interest to be separately specified.
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5.
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Finance lease obligation
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Finance lease obligations are included in current liabilities
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Finance lease obligations are to be grouped under the head non-current
liabilities.
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6.
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Deposits
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Lease deposits are part of loans & advances
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Lease deposits to be disclosed as long term loans & advances under
the head, "non-current assets".
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7.
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Investments
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Both current & non-current investments to be disclosed under the
head investments
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Current and non-current investments are to be disclosed separately
under current assets & non-current assets respectively.
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8.
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Loans & Advances
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Loans & Advances are disclosed along with current assets
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Loans & Advances to be broken up in long term & short term and
to be disclosed under non-current & current assets respectively.
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Loans & Advance to subsidiaries & others to be disclosed
separately
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Loans & Advance from related parties & others to be disclosed
separately.
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9.
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Deferred Tax Assets/Liabilities
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Deferred Tax Assets/liabilities to be disclosed separately
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Deferred Tax Assets/liabilities to be disclosed under non-current
assets/liabilities as the case may be.
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10.
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Cash & Bank Balances
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Bank balance to be bifurcated in scheduled banks & others
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Bank balances in relation to earmarked balances, held as margin money
against borrowings, deposits with more than 12 months maturity, each of these
to be shown separately.
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11.
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Profit & Loss
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P & L debit balance to be shown under the head Miscellaneous
expenditure & losses
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Debit balance of Profit and Loss Account to be shown as negative
figure under the head Surplus. Therefore, reserve & surplus balance can
be negative.
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12.
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Sundry Creditors
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Creditors to be broken up in to micro & small suppliers and other
creditors
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It is named as, 'Trade payables' and there is no mention of micro
& small enterprise disclosure.
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13.
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Other current liabilities
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No specific mention for separate disclosure of Current maturities of
finance lease obligation
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Current maturities of finance lease obligation to be disclosed.
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14.
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Separate line item
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Any item under which expense exceeds one per cent of the total revenue
of the company or ₹ 5,000 which ever is higher; shall
be disclosed separately.
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Any item of income/expense which exceeds one per cent of the revenue
from operations or ₹ 1,00,000, which ever is higher, to
be disclosed separately.
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Disclosure criteria
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15.
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Expense classification
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Function wise & nature wise
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Expenses in Statement Profit and Loss to be classified based on nature
of expenses.
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16.
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Finance Cost
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Finance cost to be classified in fixed loans & other loans
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Finance cost shall be classified as interest expense, other borrowing
costs & Gain/Loss on foreign currency transaction & translation.
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17.
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Foreign exchange gain/loss
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Gain/loss on foreign currency transaction to be shown under finance
cost.
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Gain/loss on foreign currency transaction to be separated into finance
costs and other expenses.
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18.
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Purchases
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The purchase made and the opening & closing stock, giving break up
in respect of each class of goods traded in by the company and indicating the
quantities thereof.
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Goods traded in by the company to be disclosed in broad heads in
notes. Disclosure of quantitative details of goods is diluted.
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