Schedule VI of the Companies Act, 1956. Old v/s Revised (2011)

The Ministry of Corporate Affairs (MCA) on Tuesday, the 1st day of March notified Schedule VI (Revised). The revised Schedule VI has been framed as per the existing non-converged Indian Accounting Standards notified under the Companies (Accounting Standards), Rules, 2006 and has no link with the converged Indian Accounting Standards, 35 in all notified by the MCA.

As per the notification issued by MCA, the applicability of Revised Schedule VI shall be for the year commencing on or after 01/04/2011. The Revised Schedule VI is flexible in the case of applicability of Accounting Standards and the Act. Where compliance with the requirements of the Act including Accounting Standards (as applicable to the companies) require any change in the treatment of disclosure in the financial statements or statements
forming part thereof, the same shall be made and the requirements of the Schedule VI shall stand modified accordingly.

The disclosure requirements specified in Schedule VI are in addition to the disclosure requirements of the Companies Act as well as the Accounting Standards. Hence, all disclosures as required by the Companies Act and Accounting Standards shall be made in the notes to accounts in addition to the requirements set out in this Schedule.

In this regard, we have prepared a comparative chart between the old and revised format of Schedule VI. The chart is divided in two parts:

Part I: Balance Sheet
Part II: Statement of Profit and Loss

All the major changes have been highlighted accordingly using green fontcolour and the major omissions are highlighted using red font-colour.

The file Schedule VI Old vs Revised can be viewed/ downloaded freely.

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