What is Schedule VI of Companies Act 1956?
Schedule VI to the Companies Act, 1956 deals with the form of Balance Sheet and Profit and Loss Account and classified disclosure to be made therein and it applies uniformly to all the companies registered under the Companies Act, 1956, for the preparation of financial statements of an accounting year.
What are the two parts of balance sheet?
A standard company balance sheet has two sides: assets on the left, and financing on the right–which itself has two parts; liabilities and ownership equity. The main categories of assets are usually listed first, and typically in order of liquidity. Assets are followed by the liabilities.
WHO revised Schedule 6?
the Ministry of Corporate Affairs (MCA)
Accordingly, the Ministry of Corporate Affairs (MCA) has issued a revised form of Schedule VI on February 28, 2011.
What are the sections of Companies Act 2013?
The Companies Act, 2013
| Section No. | Section Name |
|---|---|
| 6 | Act to override memorandum, articles, etc |
| 7 | Incorporation of company |
| 8 | Formation of companies with charitable objects, etc |
| 9 | Effect of registration |
Which part and which schedule of Companies Act 2013 prescribes the form of balance sheet?
Schedule III to
Schedule III to the Companies Act, 2013 deals with the form of Balance Sheet and Profit and Loss Account and classified disclosure to be made therein and it applies to all the companies registered under the Companies Act, 1956.
What are the requirements of Schedule 6?
The Revised Schedule VI requires all information relating to each item on the face of the Balance Sheet and Statement of Profit and Loss to be cross-referenced to the Notes to Accounts.
What is Schedule IV of Companies Act 2013?
(1) The performance evaluation of independent directors shall be done by the entire Board of Directors, excluding the director being evaluated. (2) On the basis of the report of performance evaluation, it shall be determined whether to extend or continue the term of appointment of the independent director.
How many divisions are there in Schedule 3?
Schedule III of the Companies Act 2013, provides the format of financial statements of companies complying with Accounting Standards (AS) and Ind AS under its Division I and Division II respectively. Now Schedule III will apply to NBFC covered under Ind AS.
How has the revised schedule VI of the Companies Act 1956 changed?
Looking at the advancements in accounting principles coupled with drastic changes in corporate Financial Reporting, a major repairing of the schedule was outstanding for a long time. Section 211 (1) of the Companies Act, 1956 requires the companies to draw up their financial statements as per the form set out in Revised Schedule VI.
Does Schedule 6(A)(F) of the Companies Act 1956 require disclosure?
Note (iv) As there is no shres held by any company, disclosure pursuant to Note no. 6(A)(f) of Part I of Schedule VI to the Companies Act, 1956 is not required.
What is section 211(1) of Companies Act?
Section 211 (1) of the Companies Act, 1956 requires the companies to draw up their financial statements as per the form set out in Revised Schedule VI. It is also imperative to note at the very outset that like its predecessor, Revised Schedule VI doesn’t apply to banking or insurance companies.
Is there any concept of schedule as per revised schedule VI?
Please rectify the statements uploaded to the effect that there is no concept of schedule as per Revised Schedule VI. Instead, there is notes to accounts and all disaggregation of all items on the face of Balance Sheet and Statement of Profit & Loss need to be cross referenced to Notes.