The New Schedule VI introduces many new concepts and disclosure requirements. It also does away with several statutory disclosure requirements. The practical application of the New Schedule VI throws up several questions, the answers to which may not be straight forward. Through the medium of the blog I intend to set out an overview of the key changes and implications, critical issues and some perspectives thereon. In three parts I will first list down some important changes related to the Balance Sheet, second part will cover key changes to Profit and Loss account and the last part will be some practical issues and perspectives. Ten Important Changes to the Balance Sheet – New Schedule VI way 1. The new schedule VI prescribes a vertical format for presentation of balance sheet. Thus, a company will not have an option to use horizontal format for presentation of financial statements. 2. Th...
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