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Revised Schedule VI – Case Studies

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Revised Schedule VI – Case Studies. Current and non-current presentation – Assets . An asset shall be classified as current when it satisfies any of the following criteria given below; All other assets will be classified as ‘non-current’. 1. 2. 4. - PowerPoint PPT Presentation

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Page 1: Revised Schedule VI – Case Studies

Revised Schedule VI – Case Studies

Page 2: Revised Schedule VI – Case Studies

2

Current and non-current presentation – Assets

Expected to be

realized in, or is

intended for sale

or consumption

in, the company’s

‘Normal

Operating Cycle’

Held primarily for the

purpose of being

traded;

Expected to be realized

within twelve months

after the reporting date;

Cash or cash

equivalent unless

it is restricted from

being exchanged

or used to settle a

liability for at least

twelve months

after the reporting

date

An asset shall be classified as current when it satisfies any of the following criteria given below; All other assets will be classified as ‘non-current’

1 2

3

4

Page 3: Revised Schedule VI – Case Studies

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Operating cycle

Represents time between the acquisition of assets for processing and their realization in cash or cash equivalents

May be longer than 12 months Where the normal operating cycle cannot be identified, it is assumed to have a

duration of twelve months.

Where a company is engaged in multiple businesses, operating cycle could be different for each line of business.

For e.g. Operating cycle for wine manufacturing companies may be more than 12 months Liability payable on demand is ‘current’, even if its due date is beyond 12 months

Page 4: Revised Schedule VI – Case Studies

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General instructions: Current and non-current presentation – Liabilities (1/2)

Expected to be

settled in the

company’s ‘Normal

Operating Cycle’

Held primarily for the

purpose of being

traded;

Due to be settled within

twelve months after the

reporting date;

The company does not have an unconditional right to defer settlement of the liability for at least twelve months after the reporting date. Terms of a liability that could, at the option of the counterparty, result in its settlement by the issue of equity instruments do not affect its classification.

1 2

3

4

A liability shall be classified as current when it satisfies any of the following criteria given below; All other liabilities will be classified as ‘non-current’

Page 5: Revised Schedule VI – Case Studies

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General instructions: Current and non-current presentation – Liabilities (2/2)

AS-15 Employee Benefits governs the measurement of various employee benefit obligations, their classification as current and noncurrent liabilities will be governed by the criteria laid down in the Revised Schedule VI.

A company needs to classify its employee benefit obligations as current and non-current categories

A liability is classified as “current” if a company does not have an unconditional right as on the Balance Sheet date to defer its settlement for twelve months after the reporting date

A company will need to apply these criteria to its specific facts and circumstances and decide an appropriate classification of its employee benefit obligations viz. bonus, leave encashment, funded/ un-funded post employment benefits etc

Page 6: Revised Schedule VI – Case Studies

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Current v/s Non-current (1)

A. Entity A has stock of finished goods mainly for trading. However, at the end of the year, it

has excess finished goods inventory that it does not expect to realize within the

company’s normal operating cycle of fifteen months.

B. Entity A has sold 10,000 tons of steel to its customer. The sale contract provides for a

normal credit period of three months. The company’s operating cycle is six months.

However, the company does not expect to receive the payment within twelve months

from the reporting date.

Discuss current/ non-current classification for Entity A.

Page 7: Revised Schedule VI – Case Studies

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Current v/s Non-current - Solution

A. Since such finished goods inventory is held primarily for the purpose of being traded, the same should be classified as “current”

B. The same should be classified as “Non-Current” in the Balance Sheet. In case the company expects to realize the amount up to 12 months from the Balance Sheet date (though beyond operating cycle), the same should be classified as “current”.

Page 8: Revised Schedule VI – Case Studies

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Current v/s Non-current (2)

Entity Z has taken a five year loan. The loan contains certain debt covenants, e.g., filing of

quarterly information, failing which the bank can recall the loan and demand repayment

thereof. The company has not filed such information in the last quarter; as a result of which

the bank has the right to recall the loan. However, based on the past experience and/or

based on the discussions with the bank the management believes that default is minor and

the bank will not demand the repayment of loan.

Discuss current/ non-current classification for the above scenario.

Page 9: Revised Schedule VI – Case Studies

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Current v/s Non-current - Solution

- According to the definition of current liability, its important to determine whether a borrower has an unconditional right at the Balance Sheet date to defer the settlement irrespective of the nature of default and whether or not a bank can exercise its right to recall the loan. If the borrower does not have such right, the classification would be “current.”

- It is pertinent to note that as per the terms and conditions of the aforesaid loan, the loan was not repayable on demand from day one. The loan became repayable on demand only on default in the debt covenant and bank has not demanded the repayment of loan up to the date of approval of the accounts.

- In the Indian context, the criteria of a loan becoming repayable on demand on breach of a covenant, is generally added in the terms and conditions as a matter of abundant caution. Also, banks generally do not demand repayment of loans on such minor defaults of debt covenants. Therefore, in such situations, the companies generally continue to repay the loan as per its original terms and conditions.

- Hence, considering that the practical implications of such minor breach are negligible in the Indian scenario, ‘Z’ could continue to classify the loan as “non-current” as on the Balance Sheet date since the loan is not actually demanded by the bank at any time prior to the date on which the Financial Statements are approved.

Page 10: Revised Schedule VI – Case Studies

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Current v/s Non-current (3)

Discuss current and non-current classification for the following:

A. Liability toward bonus

B. Liability towards leave encashment

C. Liability towards funded post-employment benefit obligation

D. Liability towards unfunded post-employment benefit obligation

Page 11: Revised Schedule VI – Case Studies

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Current v/s Non-current - Solution

A. Liability toward bonus: payable within one year from the Balance Sheet date is classified as “current”, balance is classified as non-current

B. In case of accumulated leave outstanding as on the reporting date, the employees have already earned the right to avail the leave and they are normally entitled to avail the leave at any time during the year. To the extent the employee has unconditional right to avail the leave, the same needs to be classified as “current” even though the same is measured as ‘other long-term employee benefit’ as per AS-15.

However, whether the right to defer the employee’s leave is available unconditionally with the company needs to be evaluated on a case-by-case basis – based on the terms of Employee Contract and Leave Policy, Employer’s right to postpone/deny the leave, restriction to avail leave in the next year for a maximum number of days, etc. In case of such complexities, the amount of Non-current and Current portions of leave obligation should normally be determined by a qualified Actuary.

Page 12: Revised Schedule VI – Case Studies

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Current v/s Non-current – Solution (contd.)

C. For funded post-employment benefit obligations, amount due for payment to the fund created for this purpose within twelve months is treated as “current” liability.

D. For unfunded postemployment benefit obligations, a company will have settlement obligation at the Balance Sheet date or within twelve months for employees such as those who have already resigned or are expected to resign (which is factored for actuarial valuation) or are due for retirement within the next twelve months from the Balance Sheet date. Thus, the amount of obligation attributable to these employees is a “current” liability. The remaining amount attributable to other employees, who are likely to continue in the services for more than a year, is classified as “non-current” liability.

Normally the actuary should determine the amount of current & non-current liability for unfunded post-employment benefit obligation based on the definition of Current and Non-current assets and liabilities in the Revised Schedule VI

Page 13: Revised Schedule VI – Case Studies

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Long term borrowing – Breach of debt covenant

There is a breach of a major debt covenant as on the balance sheet date related to long-term borrowing. This allows the lender to demand immediate repayment of loan. However, the lender has not demanded repayment till authorisation of financial statements for issue. Can the company continue to classify the loan as non-current? Will the classification be different if the lender has waived the breach before authorisation of financial statements for issue?

As per the Guidance Note on the Revised Schedule VI, a breach is considered to impact the non-current nature of the loan only if the loan has been irrevocably recalled. Hence, in the Indian context, long-term loans, which have a minor or major breach in terms, will be considered as current only if the loans have been irrevocably recalled before authorisation of the financial statements for issue.

Page 14: Revised Schedule VI – Case Studies

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Preference Shares – Current Vs Non-Current

How will a company classify its investment in preference shares, which are convertible into equity shares within one year from the balance sheet date? Will itclassify the investment as a current asset or a non-current asset?

In accordance with the Revised Schedule VI, an investment realisable within 12 months from the reporting date is classified as a current asset. Such realisation should be in the form of cash or cash equivalents, rather than through conversion of one asset into another non-current asset. Hence, the company must classify such an investment as a non-current asset, unless it expects to sell the preference shares or the equity shares on conversion and realise cash within 12 months.

Page 15: Revised Schedule VI – Case Studies

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Cash Flow Statement – Current and Non-Current Presentation

As part of working capital movement and investing and financing activities, is it mandatory to present a separate movement for current and non -current components? For example, a company has segregated trade receivables into current and non-current components based on the Revised Schedule VI criteria. Is it mandatory for the company to disclose movement in current and non-current trade receivables separately?

AS 3 Cash Flow Statements does not mandate such presentation. Nor is such presentation required in Revised Schedule VI or Guidance Note on the Revised Schedule VI. Hence, it is not mandatory for a company to present separate movement / inflows and outflows from current and noncurrent components of various line items separately.

Page 16: Revised Schedule VI – Case Studies

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Provision for Tax and Advance Tax

Guidance Note on the Revised Schedule VI requires deferred tax assets / liabilitiesto be classified as non-current. Does it imply that the provision for tax (net ofadvance tax) / advance tax (net of provision) also be classified as noncurrent?

Current year tax provision (net of advance tax) will generally be treated as current liability, as this will become due in the short term. Current year advance tax (net of provision) as well as past year’s advance tax (net of provision) shall generally be classified as non-current as these are not likely to arise in the short term. Advance tax against which refund orders have been passed, and if not adjusted towards other liabilities, will only be treated as a current asset.

Page 17: Revised Schedule VI – Case Studies

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Security Deposits

The company has taken premises on operating leases for which it has paid a security deposit to the lessor. The lease term is five years. However, both parties can terminate the agreement after giving a three months’ notice. The deposits are refundable immediately on termination of agreement. The intention of the company is to continue the lease agreement for 5 years. Further, the company has taken electricity connection for which it has paid security deposits. These deposits are repayable on demand on surrender of the electricity connection. Can the company classify these security deposits as current assets?

Classification of deposits paid depends on the expectation of its realisation. Hence, a company will classify lease / electricity deposits given as a non-current asset, unless it expects to recover the same within 12 months after the reporting date, that is, by cancelling the lease contract or surrendering the electricity connection.

Page 18: Revised Schedule VI – Case Studies

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Security Deposits

The company has received security deposit from its customers / dealers. Either the company or the customer / dealer can terminate the agreement by giving two months notice. The deposits are refundable within one month of termination. However, based on past experience, it is noted that deposits refunded in a year are not material, with 1% to 2% of the amount outstanding. The intention of the company is to continue long-term relationship with its customers / dealers. Can the company classify such security deposits as non-current liability?

As per Revised Schedule VI, a liability is classified as current if the company does not have an unconditional right to defer its settlement for at least 12 months after the reporting date. This will apply generally. However, in specific cases, based on the commercial practice, say for example electricity deposit collected by the department, though stated on paper to be payable on demand, the company’s records would show otherwise as these are generally not claimed in short term. Treating them as non-current may be appropriate and may have to be considered accordingly. A similar criterion will apply to other deposits received, for example, under cancellable leases.

Page 19: Revised Schedule VI – Case Studies

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Items included under the head ‘raw materials’

Which of the following items are included in the purview of raw materials for disclosure purposes?

a) Fuel

b) Consumable stores

c) Containers and packing materials

d) Traded goods

Page 20: Revised Schedule VI – Case Studies

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- Generally, the term raw material would include materials which physically enter into

the composition of the finished products. Materials, such as stores, fuel, spare parts

etc, which do not enter physically into the composition of the finished product, would

therefore, be excluded from the purview of the term “raw materials”.

- The revised Schedule VI is silent with regard to containers and packaging materials.

Whether such item constitute ‘raw materials’ should be decided based on the facts

and circumstances of each case by considering the nature of the containers and

packaging materials, their relative value in comparison to the raw materials

consumed, and other similar considerations. Where packing materials are not

classified as raw materials, the consumption thereof should be disclosed separately.

- Traded goods should be excluded from the amount of consumption of materials

Items included under the head ‘raw materials’

Page 21: Revised Schedule VI – Case Studies

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Disclosure under employee benefits

Will the following expenses be disclosed under employee benefits?

a) ESOP / ESPP to directors

b) Sitting fees to directors

c) Compensation paid to persons under contract of services

d) Compensation paid to persons under contract for services

e) Penalties paid to statutory authorities on employee benefit related dues

Page 22: Revised Schedule VI – Case Studies

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- ESOP / ESPP for all directors (executive and non-executive) would be disclosed under the head Employee benefits

- Sitting fees paid to non-executive directors should not be included in employee benefits

- Compensation paid to persons under contract of services should be included as part of employee benefits as the employer employee relationship is established

- Compensation paid to persons under contract for services should not be included.

- Penalties paid to statutory authorities on employee benefit related dues are not in the nature of contribution to funds and hence should not be a part of employee benefits.

Disclosure under employee benefits

Page 23: Revised Schedule VI – Case Studies

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Presentation of ‘Preference Share Capital’

The Revised Schedule VI states that “different classes of preference share capital to be treated separately”

Based on economic substance of preference shares using AS 31 Financial Instruments: Presentation, a question arises whether preference shares should be classified as liability or equity.

The Revised Schedule VI deals only with presentation and disclosure requirements. Accounting for various items is governed by the applicable Accounting Standards (AS). However, AS 30 Financial Instruments : Recognition and Measurement, AS 31 and AS 32 Financial Instruments: Disclosures are yet to be notified. Section 85(1) of the Act refers to Preference Shares as a kind of share capital. Hence, Preference Shares will have to be classified as Share Capital

Page 24: Revised Schedule VI – Case Studies

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Presentation of ‘Share application money pending allotment’

“Share application money pending allotment” is required to be shown as a separate line item on the face of the Balance Sheet after Shareholders’ Funds

However, instructions for disclosure of “Other current liabilities” states that Share application money not exceeding the issued capital and to the extent not refundable shall be shown under the head Equity.

The two requirements appear to be conflicting

From the format as set out in the Revised Schedule VI, it appears that the Regulator’s intention is to specifically highlight the amount of Share application money pending allotment, though they may be, in substance, in nature of Equity

Accordingly, the equity element should continue to be disclosed on the face of the Balance Sheet as a separate line item, rather than as a component of Shareholders’ Funds

Page 25: Revised Schedule VI – Case Studies

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Disclosure for revalued assets

Revised Schedule VI requires an entity to disclose increased or reduced amounts along with amount of increase or decrease for a period of 5 years subsequent to the date of revaluation

AS 10 Accounting for Fixed Assets requires a company to disclose details such as gross book value of revalued assets, method of revaluation, nature of indices used, year of appraisal etc. as long as the concerned assets are held by the enterprise

Disclosure requirements of the Accounting Standards are in addition to disclosures required under the Schedule.

Also, in case of any conflict, the Accounting Standards will prevail over the Schedule.

Accordingly, details required by AS 10 will have to be given as long as the asset is held by the company.

Page 26: Revised Schedule VI – Case Studies

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Classification of Investments between Current & Non-current

The Revised Schedule VI requires Investments to be classified as ‘Current’ and ‘Non-Current’. However, AS 13 ‘Accounting for Investments’ requires to classify Investments as ‘Current’ and ‘Long-Term’

As per AS-13, the assessment of whether an Investment is “Long-term” has to be made with respect to the date of Investment. For e.g. as per AS 13, current investment is an investment that is by its nature readily realizable and is intended to be held for not more than one year from the date on which such investment is made

As per the Revised Schedule VI, “Non-current” Investment has to be determined with respect to the Balance Sheet date. For e.g. investments which are realizable within a period of 12 months from the date of balance sheet will be treated as ‘current’ irrespective of its date of investments

Page 27: Revised Schedule VI – Case Studies

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Classification of Investments between Current & Non-current

Revised Schedule VI clarifies that the Accounting Standards would prevail over the Schedule in case of any inconsistencies between the two

However, it is pertinent to note that AS 13 does not lay down presentation norms, though it requires disclosures to be made for Current and Long-term Investments

Accordingly, presentation of all investments in the Balance Sheet should be made based on Current/Non-current classification as defined in the Revised Schedule VI

The portion of long-term investment as per AS 13 which is expected to be realized within twelve months from the Balance Sheet date needs to be shown as Current investment under the Revised Schedule VI

Page 28: Revised Schedule VI – Case Studies

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Presentation of ‘trade receivables’

Old Schedule VI required separate presentation of debtors(i) outstanding for a period exceeding six months (i.e., based on billing date);(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

Where no due date is specifically agreed upon, normal credit period allowed by the company should be taken into consideration for computing the due date which may vary depending upon the nature of goods or services sold and the type of customers, etc.

Page 29: Revised Schedule VI – Case Studies

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Presentation of ‘proposed dividend ’

Old The Revised Schedule VI requires disclosure of the amount of dividends proposed to be distributed to equity and preference shareholders for the period and the related amount per share to be disclosed separately. This needs to be disclosed in the notes

The Old Schedule VI specifically required proposed dividend to be disclosed under the head “Provisions”

Hence, a question that arises is as to whether this means that proposed dividend is not required to be provided for when applying the Revised Schedule VI

Page 30: Revised Schedule VI – Case Studies

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Presentation of ‘proposed dividend ’

AS-4 Contingencies and Events Occurring After the Balance Sheet date requires that dividends stated to be in respect of the period covered by the Financial Statements, which are proposed or declared by the enterprise after the Balance Sheet date but before approval of the Financial Statements, should be adjusted

Keeping this in view and the fact that the Accounting Standards override the Revised Schedule VI, companies will have to continue to create a provision for dividends in respect of the period covered by the Financial Statements and disclose the same as a provision in the Balance Sheet, unless AS-4 is revised.

Hence, the disclosure to be made in the notes is over and above the disclosures pertaining to a) the appropriation items to be disclosed under Reserves and Surplus and b) Provisions in the Balance Sheet

Page 31: Revised Schedule VI – Case Studies

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Presentation of ‘capital advances’

Whether capital advances also need to be bifurcated between non-current and current categories? If yes, on what basis?

Capital advances are advances given for procurement of fixed assets which are non-current assets. Typically, companies do not expect to realize them in cash in the next 12 months or within their normal operating cycle. Rather, over the period, these get categorized as one or more fixed assets. Hence, we believe that capital advances should be treated as non-current assets

Page 32: Revised Schedule VI – Case Studies

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Disclosure of comparatives

A company is preparing its financial statements in accordance with the RevisedSchedule VI for the first time. For certain information required to be disclosedin the notes, the current year amounts are nil. For example, let us assume thatthere is no default in repayment of loan and interest existing as at the end ofcurrent year. Is the company required to present previous year figures for suchnotes? Alternatively, can it omit the previous year information since nodisclosure is required in the current year?

Revised Schedule VI requires that “Except in the case of the first financial statementslaid before the company (after its incorporation), the corresponding amounts(comparatives) for the immediately preceding reporting period for all items shown inthe financial statements including notes shall also be given.”The objective of presenting comparative information is to help users of financialstatements in understanding the trends and key changes vis -à-vis the previousperiod financial statements. The inter-period comparability of information assistsusers in taking their economic decisions. Hence, a company needs to presentcomparative information for disclosures required under Revised Schedule VI even iftheir current period amount is nil.

Page 33: Revised Schedule VI – Case Studies

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Classification as Trade Receivables

If during the lean period, there is some activity being carried out by the company,which is not in its normal course of business, and there is a receivable oroutstanding from such activity, is it considered as “Trade Receivable”?

If the receivables arise out of sale of materials or rendering of services in the normalcourse of business, it should be treated as trade receivables. Otherwise, it is treated asother assets.

Page 34: Revised Schedule VI – Case Studies

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Classification as Trade Receivables

In accordance with Guidance Note on the Revised Schedule VI, a payable isclassified as “trade payable” if it pertains to amount due towards goods purchasedor services received in the normal course of business. Based on this principle, can acompany include in trade payables the liability towards employees, leases or othercontractual liabilities? What is the treatment for amounts due towards capital goodspurchased?

Paragraph 8.4.1 of Guidance Note on the Revised Schedule VI provides the followinginformation with regard to identification of trade payables:“A payable shall be classified as trade payable if it is in respect of amount due onaccount of goods purchased or services received in the normal course of business. Asper the old Schedule VI, the term sundry creditors included amounts due in respect ofgoods purchased or services received or in respect of other contractualobligations as well. Hence, amounts due under contractual obligations can no longerbe included within trade payables and only commercial dues can be included undertrade payables.Amounts due towards purchase of capital goods should also not be included in tradepayables. They must be disclosed under other current liabilities wi th a suitabledescription.

Page 35: Revised Schedule VI – Case Studies

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Current v/s Non current classification

A company has classified the loan as non-current liability in the previous year.The loan becomes a current liability in the current year’s financial statements. Isthe company required to reclassify the loan as current liability in previousyear also to match the current year classification ?

Current / non -current classification of assets / liabilities is determined on a particulardate, viz., the balance sheet date. Thus, the company should have determined thecurrent / non-current classification of previous year balances based on the pos itionexisting as at the end of the previous year. If there is any change in the position atthe end of current year resulting in different classification of assets / liabilities inthe current year, it will not impact the classification made in the previo us year. Inother words, the company will continue to classify the loan as non -current liability inthe figures of the previous period.

Page 36: Revised Schedule VI – Case Studies

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Non controlling interest

The issue is whether NCI (Minority Interest) must be broken up and classified ascurrent and non-current. To the extent of the share of provision of dividend tosubsidiary, should it be current?

The non-controlling interest is not subject to current and non-current distinction as itforms a part of the shareholders’ funds.

Page 37: Revised Schedule VI – Case Studies

Disclosure of Share Capital as per Old Schedule VI

37

Extract of Balance Sheet of Satyam Computer Services Limited as at 2010-11

Presentation of Balance Sheet as per Old Schedule VI

Page 38: Revised Schedule VI – Case Studies

Disclosure of Share Capital as per Old Schedule VI

38

Extract of Balance Sheet of Satyam Computer Services Limited as at 2011-12

Presentation of Balance Sheet as per Revised Schedule VI

Page 39: Revised Schedule VI – Case Studies

Disclosure of Share Capital as per Old Schedule VI

39

Extract of Balance Sheet of Hindustan Unilever Limited as at 2010-11

Disclosure of Share Capital as per Old Schedule VI

Page 40: Revised Schedule VI – Case Studies

Disclosure of Share Capital as per Revised Schedule VI

40

Extract of Balance Sheet of Hindustan Unilever Limited as at 2011-12

Disclosure of Share Capital as per Revised Schedule VI

Page 41: Revised Schedule VI – Case Studies

Disclosure of Share Capital as per Revised Schedule VI (Contd.)

41

Extract of Balance Sheet of Hindustan Unilever Limited as at 2011-12

Disclosure of Share Capital as per Revised Schedule VI (Contd.)

Page 42: Revised Schedule VI – Case Studies

Disclosure of Share Capital as per Revised Schedule VI (Contd.)

42

Extract of Balance Sheet of Hindustan Unilever Limited as at 2011-12

Disclosure of Share Capital as per Revised Schedule VI (Contd.)

Page 43: Revised Schedule VI – Case Studies

Disclosure of Share Application Money Pending Allotment

43

Extract of Balance Sheet of Wipro Limited as at 2010-11 as per Old Schedule VI

Extract of Balance Sheet of Wipro Limited as at 2011-12 as per Revised Schedule VI

Not forming part of Sources of Funds. To be reported as a separate line item.

Disclosure of Share Application Money Pending Allotment

Page 44: Revised Schedule VI – Case Studies

Disclosure of Share Application Money Pending Allotment

44

Disclosure of Share Application Money Pending Allotment (Contd.)

Extract of Notes to Accounts of Wipro Limited as at 2011-12 as per Revised Schedule VI showing the disclosure.

Page 45: Revised Schedule VI – Case Studies

Disclosure of Share Application Money Pending Allotment

45

Disclosure of Reserves and Surplus as per Old Schedule VI

Extract of Schedule forming part of Balance Sheet of Satyam Computer Services Limited as at 2010-11

Page 46: Revised Schedule VI – Case Studies

Disclosure of Share Application Money Pending Allotment

46

Disclosure of Reserves and Surplus as per Revised Schedule VI

Extract of Notes to Accounts of Satyam Computer Services Limited as at 2011-12 as per Revised Schedule VI showing the disclosure.

Page 47: Revised Schedule VI – Case Studies

Disclosure of Share Application Money Pending Allotment

47

Disclosure of Provisions

Extract of Schedule forming part of Balance Sheet of Satyam Computer Services Limited as at 2010-11 as per Old Schedule VI

Extract of Notes to Accounts of Satyam Computer Services Limited as at 2011-12 as per Revised Schedule VI

Page 48: Revised Schedule VI – Case Studies

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Thanking you,Darshan varmaEmail id: [email protected] no:9963432888