Webcast on Revised Schedule VI. CA. Pankajj Goel

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1 Webcast on Revised Schedule VI CA. Pankajj Goel

2 Overview Background and Applicability Significant Features Major Changes Structure of Revised Schedule VI Form of Balance Sheet Statement of Profit and Loss Illustrations

3 Background and Applicability Section 1 3

4 Background and Applicability Revised Schedule VI is primarily necessitated due to the following reasons: To harmonize and synchronize with IFRS/Ind AS Comparison of financial statements with global companies Liquidity Based Presentation-Current vs. Non- current classification Enhancing the disclosure requirements - Changes in outdated disclosures and eliminate redundant disclosures Old Schedule VI has outlived its utility;

5 Introduction Revised Schedule VI effective from 1 st April, 2011; Being a statutory format its early adoption is not permitted so not applicable from period before 1April 2011; Revised Schedule VI has been framed as per the existing non-converged Indian Accounting Standards notified under the Companies (Accounting Standards), Rules, 2006;

6 Background & Applicability 6

7 Is Revised Schedule VI applicable on Cash Flow? The revised Schedule VI prescribes the format for information to be presented on the face of Balance Sheet and Statement of Profit and Loss. There is no format prescribed for cash flow statement. Thus, As -3 Format will be used 7

8 Query 1: Voluntary Application A company having June 30,2011 as year-end wants to publish its financial statements on December,2011.Can it voluntarily apply Revised Schedule VI for preparation of its financial statements for the year ending on June 30,2011? Schedule VI is a statutory format. The Company cannot voluntarily apply Revised Schedule VI in preparation of its financial statements for the year ending June 30,2011, since its early adoption is not permitted.

9 Query 2: Calendar Year Can a company having its financial year as calendar year, apply Revised Schedule VI from 2011? No, Revised Schedule VI is applicable for the financial year commencing from on or after April,2011. So a company having its financial year as January to December can apply Revised Schedule VI only for the calendar year 2012.

10 Query 3: Half Yearly Or Nine Months Period Results A company wants to publish its nine months financial statements for the period ended December, Should it use Old Schedule VI or Revised VI in the preparation of its half yearly financial statements? As per Para 10 of AS 25 Interim Financial Reporting, if an enterprise prepares and presents a complete set of financial statements in its interim financial report, its form and content should confirm to the requirements as applicable to annual complete set of financial statements.

11 Query 3: Half Yearly Or Nine Months Period Results - 2 As per Para 11 of AS 25 Interim Financial Reporting, if an enterprise prepares and presents a set of condensed financial statements in its interim financial report, those condensed statements should include, at a minimum, each of the headings and sub-headings that were included in its most recent annual financial statements and the selected explanatory notes as required by this Statement. Hence, for Complete Set of Financial Statements Revised Schedule VI will be applicable. And, for Condensed Set of Financial Statements Old Schedule VI will be applicable.

12 Query 4: Clause 41 to the Listing Agreement As the format of Balance Sheet currently prescribed under Clause 41 to the Listing Agreement is based on Old Schedule VI, whether such companies are required to present their financials in the format of Old Schedule VI or Revised Schedule VI? For Half Yearly Results, a specific format is prescribed by SEBI Required to follow Old Schedule VI. For Annual Audited Yearly Results, no such format is prescribed Format of Revised Schedule VI has to be used for submission to stock exchanges as well.

13 Applicability of Revised Schedule VI Applicable to all Companies, except those referred to in Proviso to Section 211(1) and Section 211(2) of the Companies Act,1956, i.e. Banking Companies or Insurance Companies or Electricity Companies, which are required to prepare financial statements in a format prescribed by another statute. However, neither the Electricity Act, 2003 nor the Rules framed there under prescribe any specific format, hence Electricity Companies are to follow Revised Schedule VI. 13

14 Significant Features Section 2 14

15 Requirements Under Revised Schedule VI Terms in the Revised Schedule VI will carry the meaning as defined by the applicable Accounting Standards; All items of assets and liabilities are to be bifurcated between current and non-current portions and presented separately on the face of the Balance Sheet; Source of Funds now is Equity and Liabilities; Application of Funds now is Assets Defaults in repayment of loans and interest to be specified in each case;

16 Structure of Existing Schedule VI Part I Form of the Balance Sheet Option between A. Horizontal Form and B. Vertical Form General Instructions for preparation of Balance Sheet Part II Requirements as to Profit and Loss Account Part III Interpretation for the purpose of Parts I and II of Schedule VI unless the context otherwise requires Part IV Balance Sheet abstract and Company s General business profile

17 Structure of Revised Schedule VI General Instructions Part I Form of the Balance Sheet General Instructions for preparation of Balance Sheet Part II Form of Statement of Profit and Loss General Instructions for preparation of Statement of Profit and Loss

18 Turnover Depending upon turnover of the Company, the figures appearing in the Financial statement may be rounded off as below:- Turnover (i) Less than one hundred Crore rupees (i) one hundred Crore rupees or more Rounding off To the nearest of hundreds, thousands, lakhs, millions or decimals thereof. To the nearest of lakhs, millions, crores or decimals thereof.

19 Disclosure Not Required Disclosures no longer required: Disclosures relating to managerial remuneration and computation of net profits for calculation of commission; Information relating to licensed capacity, installed capacity and actual production; Information on investments purchased and sold during the year; Investments, sundry debtors and loans & advances pertaining to companies under the same management; Maximum amounts due on account of loans and advances from directors or officers of the company

20 Section 3 FORMAT OF BALANCE SHEET 20

21 Part 1 Form of Balance Sheet- Equity & Liabilities (1)Shareholders Funds Share Capital Reserve & Surplus Money Reserved against share warrants Particulars Note No. Figures at the end of current reporting period (2)Share Application money pending Allotment Figures at the end of previous reporting period (3)Non Current Liabilities Long Term Borrowings Deferred Tax Liabilities (Net) Other Long Term Liabilities Long Term Provisions (4)Current Liabilities Short Term Borrowings Trade Payables Other Current Liabilities Short Term Provisions TOTAL 21

22 Part I Form of Balance Sheet - Assets Particulars Note No. Figures at the end of current reporting period Figures at the end of previous reporting period Non- Current Assets (a) Fixed Assets Tangible Assets Intangible Assets Capital Work in progress Intangible Assets under development (b)non- Current Investments (c) Deferred Tax Assets (net) (d) Long Term Loans & Advances (e) Other Non-Current Assets Current Assets a) Current Investments b) Inventories c) Trade Receivables d) Cash and Cash Equivalents e) Short Term Loans and Advances f) Other Current Assets TOTAL 22

23 Features of Revised Schedule VI Eliminated the concept of schedule and such information is now to be furnished in the notes to accounts. In case of any conflict between the AS and the Schedule, AS shall prevail. The revised schedule prescribes a vertical format for presentation of balance sheet. All Assets and liabilities classified into current and non-current and presented separately on the face of the Balance Sheet. The term sundry debtors has been replaced with the term trade receivables. Revised Schedule VI requires separate disclosure of trade receivables outstanding for a period exceeding six months from the date the bill/invoice is due for payment. 23

24 Features of Revised Schedule VI Cont.. 7. Capital advances are specifically required to be presented separately under the head Loans & advances rather than including elsewhere. 8. In the Old Schedule VI, details of only capital commitments were required to be disclosed. Under the Revised Schedule VI, other commitments also need to be disclosed. 9. concepts of fictitious assets are eliminated and adjusted from surplus. 10. Net debit balance of P/L account is adjusted from Reserve & Surplus 11. Appropriation of Profit are not required at the face of P/L but in note of Reserve & Surplus. 12. Current maturities of a long term borrowing will have to be classified under the head Other Current Liabilities 24

25 Major Definitions Section 2 25

26 Cash and Cash Equivalents Balances with banks, cheques, drafts on hand, cash on hand - Removed disclosures of scheduled and non-scheduled banks Earmarked balances (e.g. unpaid dividend) Balances with banks held as margin money against borrowing/ guarantee/ other commitments Restriction on repatriation, if any Bank deposits with more than 12 months maturity

27 Current Assets Meaning of CURRENT ASSETS Meaning of NON- CURRENT ASSETS It is expected to be realized in, or is intended for sale or consumption in, the company s normal operating cycle; It is held primarily for the purpose of being traded; It is expected to be realized within the twelve months after the reporting date; or It is cash or cash equivalent unless it is restricted from being exchanged or used to settle a liability for at least 12 months after the reporting date. All other assets shall be classified as non current assets

28 Current Liabilities Meaning of CURRENT liabilities Meaning of NON- CURRENT liabilities It is expected to be settled in the company s normal operating cycle; It is held primarily for the purpose of being traded; It is due to be settled within the twelve months after the reporting date; or The companies does not have an unconditional right to defer settlement of the liabilities for at least 12 months after the reporting date. All other liabilities shall be classified as non current liabilities

29 Current Vs. Non Current Liabilities-EG Classification will depend on facts of each case, rights/obligations of parties, past experience, etc. EXAMPLES If Loan is repayable within 12 months Current. If Loan is repayable after 12 months and if the company is expected to exercise option available to it to pre-pay Current. If Loan is not repayable after 12 months and if the company is not expecting to exercise option available to repay Non-Current.

30 Operating Cycle An operating cycle is the time between the acquisition of assets for processing and their realization in cash or cash equivalents; Where the normal operating cycle cannot be identified, it is assumed to have a duration of twelve months.

31 Generally, It is Calculated as: Average Inventory Holding Period (+) Average Production Period (+) Average Collection Period (-) Average Payment Period

32 Query: Operating Cycle An entity manufactures passenger vehicles. The time between purchasing of raw materials for manufacture and completion of manufacture and delivery to customers is 11 months. Dues are settled after a period of 8 months from the date of sale. Will the Inventory and the Trade Receivables be Current or Non-Current in nature? Both Inventory and Trade Receivables would be classified under Current Assets as the Operating Cycle is of 19 months (11 months + 8 months).

33 Contingent Liabilities and Commitments Two separate classifications:(as a footnote to Balance Sheet) Contingent liabilities to be classified as: Claims against the company not acknowledged as debt, Guarantees, Other money for which the company is contingently liable. Commitments to be classified as: Estimated amount of contracts remaining to be executed on capital account and not provided for, Uncalled liability on shares and other investments partly paid, Other commitments (specify nature) which will include, non-cancellable contractual commitments, cancellation of which results in a penalty disproportionate to the benefits involved.

34 Section 2 Old Balance Sheet Vs New Balance Sheet 34

35 Comparisons S.No. Now Before 01. Only vertical format Prescribed Horizontal & vertical format Prescribed 02. Prescribed format for Profit & Loss No format Prescribed for Profit & Loss 03. Details are given in Notes Schedules are required for Notes 04. Non Current & Current Classification No Such Classification. 05. Number of shareholders holding 5 % or more shares, required to disclosed. 06. Shares allotted for consideration other than cash needs to be disclosed only for a period of 5 years immediately preceding the Balance Sheet Date. 07. Specific Disclosure for Share Application Money. Such information was not required No Such Limit No Specific Disclosure 08. Trade Receivables Sundry Debtors 09. Trade Paybles Sundry Creditors

36 Comparisons 2 S.No. Now Before 10. Trade Receivable outstanding for a period of 6 months or more from its due date of Payment disclose separately. 11. Capital commitments and other commitments are required to be disclosed. 12. concepts of fictitious assets are eliminated and adjusted from surplus. 13. Net debit balance of P/L account is adjusted from Reserve & Surplus. 14. Accounting Standards Prevail over schedule VI Debtors outstanding for a period of 6 months or more from Invoice Date disclose separately. Only Capital commitments required to Disclosed. Fictitious assets are required to be disclosed separately under the head miscellaneous expenditure at the face of Balance sheet. Net debit balance of P/L account is disclosed separately. Schedule VI prevails over Accounting Standards.

37 Comparisons 3 S.No. Now Before 15. Appropriation of Profit are not required at the face of P/L but in note of Reserve & Surplus. 16 It is uses Equity & Liability and Assets as heading. Appropriation is presented at the face of statement of P/L It uses Sources and Application of Funds as heading. 17. Money received against share warrants is to be disclosed separately. No such separate disclosure.

38 Format of Profit And Loss Section 2 38

39 Statement of Profit/ Loss New name for P & L Account as Statement of Profit and Loss ; Format for Statement of Profit and Loss; Now no P& L appropriation and thus, we use surplus instead of P&L appropriation in JE Materiality aspects percentage criterion; Segregation of Revenue components into revenue from: 1. sale of products, 2. sale of services, and 3. other operating revenues

40 Major Changes in Profit and Loss Now termed as Profit and Loss Statement for the year ended on. Format specified in Revised Schedule. Disclose by nature of expense. Functional classification is prohibited. Exceptional and extraordinary items need to be disclosed separately on the face of the Statement of Profit and Loss. Prior period items should be disclosed in the notes. Profit / loss before and after tax from discontinuing operations, the tax expense from discontinuing operations, Pre-tax gain/loss recognized on disposal of assets/ settlement of liabilities attributable to discontinuing operations need to be disclosed separately.

41 Part II Statement of Profit & Loss I. Revenue from Operations II. Other Income III. Total Revenue ( I + II) IV. Expenses Cost of Material Consumed Purchases of Stock in Trade Changes in inventories of finished goods, Work in progress and stock in trade Employee Benefit expense Finance Costs Depreciation and amortization expense Other expenses Particulars Note No. Figures at the end of current reporting period V. Profit Before Exceptional and extraordinary items and tax (III-IV) VI. Exceptional Items Figures at the end of previous reporting period 41

42 Part II Statement of Profit & Loss Particulars Note No. Figures at the end of current reporting period Figures at the end of previous reporting period VII. Profit Before extraordinary items and tax(v - VI) VIII. Extraordinary Items IX. Profit Before Tax X. Tax Expense Current Tax Deferred Tax (VII - VIII) XI. Profit (loss) for the period from continuing operations (IX X) XII. Profit (loss) from discontinuing operations XIII. Tax expense of discontinuing operations XIV. Profit(loss) from discontinuing operations (after tax) (XII XIII) XV. Profit (loss) for the period XVI. Earnings per equity share 1.Basic 2.Diluted (XI + XIV) 42

43 Features of Revised Schedule VI 1) The name has been changed to Statement of Profit and Loss as against Profit and Loss Account as contained in the Old Schedule VI. 2) This format of Statement of Profit and Loss does not mention any appropriation item on its face. format prescribes such below the line adjustments to be presented under Reserves and Surplus in the Balance Sheet. 3) Any item of income or expense which exceeds 1% of the revenue from operations or Rs.100,000 whichever is higher, needs to be disclosed separately. 43

44 Features of Revised Schedule VI -2 4) Revenue from operations need to be disclosed separately as revenue from (a) sale of products, (b) sale of services and (c) other operating revenues. 5) Quantitative disclosures for significant items of Statement of Profit and Loss, such as raw material consumption, stocks, purchases and sales have been simplified and replaced with the disclosure of broad heads only. 6) Depending upon turnover of the Company, the figures appearing in the Financial statement may be rounded off as below:- 44

45 Illustrations Section 2 45

46 Illustrations 1 Note 6(P) of Part I of Revised Schedule VI requires that aggregate amount of current trade receivables outstanding for a period exceeding 6 months from the date they are due for payment should be separately stated. How the outstanding status should be reckoned in such cases The Old Schedule VI required separate presentation of debtors (i) outstanding for a period exceeding six months (i.e., based on billing date) and (ii) other debtors; However, the Revised Schedule VI requires separate disclosure of trade receivables outstanding for a period exceeding six months from the date they became due for payment only for the current portion of trade receivables;

47 Trade Receivables Illustration Give a Comparative position of sundry debtors under Old Schedule VI and Revised Schedule VI to be deduced from the following information: 1) Sundry debtors outstanding as on : Rs. 500 Lakhs; 2) Out of the above, debt outstanding for a period of 6 months as on reported under Old Schedule VI: Rs. 32 Lakhs; 3) Provision for doubtful debts of Rs. 32 Lakhs for all debts outstanding for a period of 6 months from the invoice date; 4) The Invoice wise information is given below:

48 Table Invoice Number Invoice Date Outstanding Amount as at (Rs. In Lakhs) Credit Period (in Days) Sep Oct Sep Oct Sep Oct Sep Oct Sep Nov Total 49.00

49 Solution Thus, in above case debtors will be counted not from invoice date but from due date and the more than six months due will be shown separately 49

50 FCCBs 2. X Ltd has a share capital of `100 crore, share premium of `50 crore and there is a debit balance of `200 crore in the profit and loss account. How should it present its shareholders funds? 3. Y Ltd has FCCBs worth `100 crore which are due to mature on 31 December While preparing the financial statements for the year ending 31 March 2012, it is expected that the FCCB holders will not exercise the option of converting the same to equity shares. How should the company classify the FCCBs on 31 March 2012? Will your answer be different if the company expects that FCCB holders will convert their holdings into equity shares of Y Ltd? 50

51 FCCBs Cont.. It should deduct the debit balance of profit and loss account from reserves and surplus. Thus, the reserves and surplus will be a negative of `150 crore and shareholders' funds would be a negative of `50 crore. In the present situation, Y Ltd does not have an unconditional right to defer settlement of the liability for at least 12 months after the reporting date. The position is same even when the FCCB holders are expected to convert their holdings into equity shares of Y Ltd. Expectations cannot amount an unconditional right. Thus, in both the situations Y Ltd should classify the FCCBs as current liabilities on 31 March

52 Illustrations X Ltd is in the business of making specialised construction equipments for its customers. It normally takes two years to complete the equipment. It, however, receives 25% payment upfront. How should it classify the advance payment received? 5. X Ltd has an immovable property and expects that it will be sold within 12 months from the reporting date. How should it classify its property, assuming that it is an investment property? 52

53 Illustrations- 2 Cont The advance payment received should be classified as a current liability An investment property is an investment in land or buildings that are not intended to be occupied substantially for use by, or in the operations of, the investing enterprise. AS-13 requires that an enterprise holding investment properties should account for the same as long-term investments. Thus, despite the fact that X Ltd intends to sell the property within 12 months from the reporting date, if should classify the same as non-current. 53

54 Illustrations- 3 Inventory or trade receivables of X Ltd are normally realised in 16 months. How will X Ltd classify such inventory/trade receivables as current? B Ltd produces Ships. The length of time between first purchasing raw materials to make the ships and the date the company completes the production & delivery is 9 months. The company receives payment for the ships 7 months after the delivery. (a) What is the length of operating cycle? (b) How should it treat its inventory & debtors? 54

55 These Should be Classified as Current. (a) The length of the operating cycle will be 16 months. (b) Both the inventory as well as debtors should be classified as current. 55

56 Illustrations X Ltd provides you the following information: Raw material stock holding period: 3 months Work-in-progress holding period: 1 month Finished goods holding period: 5 months Debtors collection period: 5 months You are requested to compute the operating cycle of X Ltd. The operating cycle of X Ltd will be computed as under: Raw material stock holding period + Work-inprogress holding period + Finished goods holding period + Debtors collection period = = 14 months 56

57 Section 2 OLD SCHEDULE VI VS REVISED SHCEDULE VI 57

58 Comparison with Existing Schedule VI Particulars Old Schedule VI Revised Schedule VI Authority Provisions of Schedule VI will prevail over Accounting Standards Provisions of Accounting Standards will prevail over Schedule VI Form of Balance Sheet Form of Profit and Loss Account Both horizontal and vertical form were Allowed No format specified for Profit and Loss Account Only vertical form of Balance Sheet has been specified in the revised Schedule VI Form of Profit and Loss Account specified under Part II

59 Comparison with Existing Schedule VI Particulars Old Schedule VI Revised Schedule VI Headings in Balance Sheet Sources of funds and Application of funds Equities and Liabilities and Assets Profit and Loss Appropriation Account Opening surplus, proposed dividend and transfer to/ from reserves were shown in Profit and Loss Appropriation Account Transfer from/ to reserves to be shown under the heading Reserves & Surplus only. No requirement of separate Profit and Loss Appropriation Account.

60 Comparison with Existing Schedule VI Particulars Old Schedule VI Revised Schedule VI Proposed Dividend Proposed Dividend required to be provided for Proposed Dividend to be disclosed in notes Quantitative Details Quantitative details of Raw materials, purchases, stocks and turnover to be given for each class of goods. Also licensed and installed capacity and production quantity to be given for manufacturing Companies No quantitative details required. Limited requirements for disclosure for CIF and FOB values etc.

61 Comparison with Existing Schedule VI Particulars Old Schedule VI Revised Schedule VI Rounding off of Figures appearing in Financial Statements Turnover < Rs.100 Crs - R/off to the nearest Hundreds, thousands or decimal thereof Turnover < Rs. 100 Crs - R/off to the nearest Hundreds, thousands, lakhs or millions or decimal thereof Rs.100 Crs.<Turnover < Rs. 500 Crs - R/off to the nearest Hundreds, thousands, lakhs or millions or decimal thereof Turnover > Rs. 100 Crs - R/off to the nearest Turnover >Rs. 500 Crs -R/off to the nearest Hundreds, thousands, lakhs, millions or crores, or decimal thereof lakhs, millions or crores, or decimal thereof

62 Comparison with Existing Schedule VI Particulars Old Schedule VI Revised Schedule VI Share Capital Requirement to disclose separately bonus shares/shares allotted without consideration issued without any time limit No requirement for details of shareholders holding more than 5% of Shares Number of bonus shares/shares allotted without payment being received in cash/ shares bought back during last 5 years Names and number of shares held by shareholders holding more than 5 % of Shares

63 Comparison with Existing Schedule VI Particulars Old Schedule VI Revised Schedule VI Unpaid Calls Net Working Capital Disclosure was required for unpaid calls by directors of the company. Current Assets & Liabilities are shown together under application of funds. The net working capital appears on Balance Sheet. Disclosure will now be required for total unpaid calls by directors and officers of the company. 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 Balance Sheet.

64 Comparison with Existing Schedule VI Particulars Old Schedule VI Revised Schedule VI Fixed Assets There was no bifurcation required in to tangible & intangible assets. Capital advances used to be shown under the Head Capital Work in Progress under Fixed Assets Fixed assets to be shown under non-current assets and have to be bifurcated into Tangible & intangible assets. Capital advances to be shown under the head Long term Loans and Advances

65 Comparison with Existing Schedule VI Particulars Old Schedule VI Revised Schedule VI Borrowings Short term & long term borrowings are grouped together under the head Loan funds sub-head Secured / Unsecured 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. Period and amount of continuing default as on the balance sheet date in repayment of loans and interest to be separately specified.

66 Comparison with Existing Schedule VI Particulars Old Schedule VI Revised Schedule VI Deposits Investments Lease deposits are part of loans & advances Both current & non-current investments to be disclosed under the head Investments Lease deposits to be disclosed as long term loans & advances under the head noncurrent Assets Current and non-current investments are to be disclosed separately under current assets & non-current assets respectively.

67 Comparison with Existing Schedule VI Particulars Old Schedule VI Revised Schedule VI Loans & Advances Loans & Advance are disclosed along with current assets Loans & Advance to subsidiaries & others to be disclosed separately. Loans & Advances to be broken up in long term & short term and to be disclosed under non-current & current assets respectively. Loans & Advance from related parties & others to be disclosed separately

68 Comparison with Existing Schedule VI Particulars Old Schedule VI Revised Schedule VI Deferred Tax Assets / Liabilities Cash & Bank Balances Deferred Tax assets / liabilities to be disclosed separately Bank balance to be bifurcated in scheduled banks & others Deferred Tax assets / liabilities to be disclosed under noncurrent assets / liabilities as the case may be. No such bifurcation required. 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.

69 Comparison with Existing Schedule VI Particulars Old Schedule VI Revised Schedule VI Profit & Loss (Debit Balance) Sundry Debtors P&L debit balance to be separately disclosed in the Balance Sheet. Debtors outstanding for more than six months from invoice date to be shown separately Debit balance of Profit and Loss Account to be shown as negative figure under the head Surplus. Therefore, Reserve & Surplus can have a negative balance. Debtors outstanding for more than six months from the date they became due to be shown separately

70 Comparison with Existing Schedule VI Particulars Old Schedule VI Revised Schedule VI Other Current Liabilities No specific mention for separate disclosure of Current maturities of long term debt No specific mention for separate disclosure of Current maturities of finance lease Obligation Current maturities of long term debt to be disclosed under other current liabilities. Current maturities of finance lease obligation to be disclosed.

71 Comparison with Existing Schedule VI Particulars Old Schedule VI Revised Schedule VI Separate line-item Disclosure Criteria Expense Classification Any item under which expense exceeds 1% of the total revenue of the company or Rs. 5,000 whichever is higher; shall be disclosed separately Function wise & Nature wise Any item of income / expense which exceeds 1% of the revenue from operations or Rs. 1,00,000, whichever is higher; to be disclosed separately Expenses in Statement of Profit and Loss to be classified based on nature of expenses only

72 Comparison with Existing Schedule VI Particulars Old Schedule VI Revised Schedule VI Finance Cost Foreign Exchange Gain / Loss Finance cost to be classified in fixed loans & other loans Gain / Loss on foreign currency transaction to be shown under finance cost Finance cost shall be classified as interest expense, other borrowing costs & Gain / Loss on foreign currency transaction & translation Gain / Loss on foreign currency transaction to be separated into finance costs and other expenses

73 Comparison with Existing Schedule VI Particulars Old Schedule VI Revised Schedule VI Purchases TDS amount on Interest, Royalty Received 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. TDS amount was required to be shown for Interest income etc. Goods traded in by the company to be disclosed in broad heads in notes. Disclosure of quantitative details of goods is diluted. Goods-in-transit to be separately disclosed. No requirement of disclosing TDS amounts separately

74 Comparison with Existing Schedule VI Particulars Old Schedule VI Revised Schedule VI Managerial Remuneration And Commission ESOP Expenses Payment to directors and detailed calculation under section 198 was required to be disclosed No requirement to show separately as part of Employee Benefits Expense No disclosure requirements for Managerial Remuneration Expense on Employee Stock Option Scheme (ESOP) and Employee Stock Purchase Plan (ESPP) to be shown separately as part of Employee Benefits expense

75 Comparison with Existing Schedule VI Particulars Old Schedule VI Revised Schedule VI Part III Interpretation Part IV Balance Sheet Abstract Terms: provision, reserve, capital reserve, quoted investment etc. were defined Details of company registration number, capital raised, Balance Sheet details, products etc. were required to be attached with financials No such specific definitions. No such requirement.

76 Thank You

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