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“A Summary on Revised Schedule VI & XBRL”

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INDEX

REVISED SCHEDULE VI (The companies Act, 1956)1) Applicability 2) Major Changes3) Key Definitions4) Comparative Change in - Balance Sheet Key Highlights5) Comparative Change in - Statement of Profit and Loss Key Highlights6) Others/Disclosures7) Disclosures under Companies Act,19568) Reference

As per the Government Notification No. F. No. 26/2008-C L-V dated 30-03-2011, Revised Schedule VI is applicable for the Balance Sheet and Profit & Loss Account to be prepared for the financial Year commencing on or after April, 2011.

Early adoption of the Revised Schedule VI is not permitted since Schedule VI is a Statutory format.

Schedule VI to the Companies Act, 1956 (‘the Act’) provides the manner in which every company registered under the Act shall prepare its,

Balance SheetStatement of Profit and Loss andNotes thereto.

In the light of various economic and regulatory reforms that have taken place for companies over the last several years, there was a need for enhancing the disclosure requirements under the Old Schedule VI to the Act and harmonizing and synchronizing them with the notified Accounting Standards as applicable (‘AS’/‘Accounting Standard(s)’).

Applicability

Accounting Standards (AS) and other statutory requirement

have a superseding effect over the disclosure requirements of

Revised Schedule VI :

In case of any changes in existing AS which are contradictory with Revised

Schedule VI format, AS will prevail over this format.

The disclosure Requirements specified in Revised Schedule VI are in

addition to and not in substitution to AS and Companies Act.

Expenses should be aggregated based on their nature only. Accordingly, functional classification of expenses is prohibited. Comparative number for FY11 also need to be regrouped based on the

above principle

Major Changes

The concept of separate schedules and separate notes has been removed. Notes are to be given for all disclosure in addition to

disclosure given on the face of Balance Sheet and Profit & Loss.

Cross referencing of notes to related item on face of BS or P&L is

mandatory now. --> IAS 1

Classification of all Assets and Liabilities into Current and Non-Current.

Specific format of Profit and Loss Account.

Profit and Loss Account is now named as “Statement of Profit and Loss”

Major Changes (Contd….)

Current / Non-Current Assets: An asset shall be classified as current when it satisfies any of the following criteria:

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 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 twelve months after the reporting date.

All other assets shall be classified as Non-Current.

** 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 12 months.

Key Definitions:

Current / Non- Current Liability: A liability shall be classified as current when it satisfies any of the following criteria:

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 twelve months after the reporting date; or 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.

All other liabilities shall be classified as non-current.

Key Definitions:

Comparative Changes in Format of: Balance Sheet

Note: (The Revised Schedule VI prescribes only the vertical format for presentation of Financial Statements. Thus, a company will now not have an option to use horizontal format for the presentation of Financial Statements as prescribed in Old Schedule VI.)

Particulars Schedules Detail Amount

Amount

Sources of Funds:Shareholders’ Fund:

Share Capital 2.1 XXXX

Reserve & Surplus 2.2 XXXX XXXX

Loans & Funds:

Secured Loans 2.3 XXXX

Unsecured Loans 2.4 XXXX XXXX

TOTAL FUNDS XXXX

ParticularsNotes Current

YearPrevious

Year

I. EQUITY AND LIABILITIES:

(1) Shareholders’ Fund:

(a) Share capital 2.1 XXXX XXXX

(b) Reserves & Surplus 2.2 XXXX XXXX

(c) Money Received against Share warrants

2.3 XXXX XXXX

(2) Share Application Money Pending Allotment:

2.4 XXXX XXXX

(3) Non-Current Liabilities:

(a) Long-Term Borrowings 2.5 XXXX XXXX

(b) Deferred Tax Liabilities (Net) 2.6 XXXX XXXX

(c) Other Long-Term Liabilities 2.7 XXXX XXXX

(d) Long-Term Provisions 2.8 XXXX XXXX

(4) Current Liabilities:

(a) Short -Term Borrowings 2.9 XXXX XXXX

(b) Trade Payables 2.10 XXXX XXXX

(c) Other Current Liabilities 2.11 XXXX XXXX

(d) Short -Term Provisions 2.12 XXXX XXXX

TOTAL XXXX XXXX

Old Schedule VI (Balance Sheet)

New Revised Schedule VI (Balance Sheet)

Particulars Schedules

Detail Amount

Amount

Application of Funds:Fixed Assets:

Gross Block 3.1 XXXX

Less: Depreciation 3.2 (XXXX)

Net Block 3.1 XXXX

Capital Work-in-Progress 3.3 XXXX

Investments 3.4 XXXX

Current Assets, Loans and Advances:

Inventories 3.6 XXXX

Sundry Debtors 3.7 XXXX

Cash & Bank Balances 3.8 XXXX

Other Current Assets 3.9 XXXX

Loans & Advances 3.10 XXXX XXXX

Less: Current Liabilities and Provisions:

Current Liabilities 3.11 (XXXX) (XXXX)

Provisions 3.12 (XXXX)

Net Current Assets XXXX

Miscellaneous Expenditure(to the extent not written off or adjusted) {fictitious asset}

3.13 XXXX

Profit & Loss Account 3.14 (XXXX)

Difference in Trial balance 3.15 XX/(XX)

TOTAL FUNDS EMPLOYED XXXX


YearPrevious

Year

II. ASSETS:

(1) Non-Current Assets:

(a) Fixed Assets:

(i) Tangible Assets 3.1 XXXX XXXX

(ii) Intangible Assets 3.2 XXXX XXXX

(iii) Capital Work-in-Progress 3.3 XXXX XXXX

(iv) Intangible assets under Development

3.4 XXXX XXXX

(b) Non-Current Investments: 3.5 XXXX XXXX

(c) Deferred Tax Assets (Net) 3.6 XXXX XXXX

(d) Long-Term Loans and Advances 3.7 XXXX XXXX

(e) Other Non-Current Assets 3.8 XXXX XXXX

(2) Current Assets:

(a) Current investments 3.9 XXXX XXXX

(b) Inventories 3.10 XXXX XXXX

(c) Trade receivables 3.11 XXXX XXXX

(d) Cash and cash equivalents 3.12 XXXX XXXX

(e) Short-term loans and advances

3.13 XXXX XXXX

(f) Other current assets 3.14 XXXX XXXX

TOTAL XXXX XXXX

Share Capital:

Number of shares held by each shareholder holding more than 5 percent shares in the company now needs to be disclosed. In the absence of any specific indication of the date of holding, such information should be based on shares held as on the Balance Sheet date.

Details pertaining to aggregate number and class of shares allotted for consideration other than cash, bonus shares and shares bought back will need to be disclosed only for a period of five years immediately preceding the Balance Sheet date including the current year.

Specific disclosures are prescribed for Share Application money. The application money not exceeding the capital offered for issuance and to the extent not refundable will be shown separately on the face of the Balance Sheet. The amount in excess of subscription or if the requirements of minimum subscription are not met will be shown under “Other current liabilities.”

Key Highlights (Balance sheet):

Reserves and Surplus: Major heads :a) Capital Reservesb) Surplus as per Profit & Loss Accountc) Other Reserves****Specify nature and purpose of each Other reserve i.e. Gen. Reserve, Special

Reserve etc.

Profit and Loss Surplus: Appropriation of surplus in Profit & Loss such as dividend, transfer to/from reserves etc need to be mentioned. Hence appropriation of surplus has not to be shown in Profit & Loss A/c.

The balance of ‘Reserves and Surplus’, after adjusting negative balance of surplus, if any, shall be shown under the head ‘Reserves and Surplus’ even if the resulting figure is in the negative.


Borrowings:

Borrowing should be classified in Current and Non-Current category. Working Capital Loans: It will classified as current even if based on the

past experience, it is expected that the lender will not demand the repayment within next 12 months. Since the company does not have an unconditional right to defer the settlement of loan for at least 12 months after the reporting date.

Interest accrued and due on borrowings now to be shown along with

current liabilities, earlier it was to be shown along with borrowings.


Additional Disclosure: Terms of Repayment i.e. Period of maturity; No. & amount of installment; Rate of

interest etc. TUF Loan (Technology Up-gradation Fund) Deferred Sales tax Liability

Default existing on BS date for any loan or interest amount repayment

Particular of borrowing Non current( Borrowings )

Current ( Current portion of long term borrowings)


Trade Payables: “Sundry Creditors” has been replaced by “Trade Payables” which is defined as

follows:

“A payable shall be classified as a ‘trade payable’ if it is in respect of the amount due on account of goods purchased or services received in the normal course of business.” By definition its is clear that any payable arising other than in normal

course of business will not be grouped under trade payables for e.g. “Payable for Capex”.

Disclosure under MSMED Act, 2006

(The Micro, Small and Medium Enterprises Development Act): Disclosure to be done only in case of delayed payment. Outstanding

amount under normal credit period need not be disclosed under the disclosure. No separate line item is required under trade payables for MSMED trade payables.


Other Current / Non-Current Liabilities: Current maturity of long term borrowings to be disclosed under other current

liabilities.

Long term trade payables, if any, to be disclosed under Non-current liabilitiesInterest on borrowings accrued but not due as well as accrued and dueIncome received in AdvanceAdvance from CustomersBook OverdraftMark to Market- DerivativesStatutory DuesPayable for Capital Expenditure.Liability on account of straight lining of the lease rentDeposits


Provisions:Employee Benefits :Gratuity

Funded : Since amount is due for payment to the fund within 12 months so to be classified as current (short term provision)

Leave Encashment If right to avail the leave is without any condition - Short term otherwise to be

segregated into short term and long term prov. as per actuarial data Provision & Actuarial Val- Governed by AS-15

Pension Current portion- Based on expected Cash flow for next year. Provision & Actuarial Val- Governed by AS-15

Actuarial valuation of the PF administered by the company also needs to be done and disclosed as defined benefit plan (as per Guidance note issued on the same)


Note: Office equipment now needs to be disclosed separately in tangible assets. On the face of the balance sheet, only the net block of each of the above categories is required to be disclosed. Complete Fixed Asset Schedule needs to be given for two years. (Incase of regrouping it has to be done even in previous year) Capital advances should be shown under loan & advances given, not in CWIP

Fixed Assets

Tangible Assets

Intangible Assets

Capital Work-In Progress Intangible Assets

under Development


Tangible Assets-ClassificationLandBuildingPlant & EquipmentFurniture & FixturesVehiclesOffice EquipmentsOthers (Specify Nature) Note: Assets under lease shall be separately specified for each class of Asset.Intangible Assets-ClassificationGoodwillBrands/TrademarksComputer SoftwareMastheads & Publishing TitlesMining RightsCopyrights & Patents and other intellectual property rights, services and operating rightsRecipes, Formulae, Models, Designs and PrototypesLicenses & FranchiseOthers (Specify Nature)


Trade Receivables:

“Sundry Debtors” has been replaced by “Trade Receivables” which is defined as follows:

A receivable shall be classified as a ‘Trade Receivable’ if it is in respect of the amount due on account of goods sold or services rendered in the normal course of business.

Hence amounts due on account of other contractual obligations (i.e. Insurance claim receivable, contractual reimbursement, rent receivable, etc.), which were earlier included in the sundry debtors, can no longer be included in the trade receivables.

Trade receivables outstanding for a period exceeding six months from the date they are due for payment has to be shown separately.

Debtors backed by deposits are to be treated as Secured and backed by Letter of Credit / Guarantees are treated as unsecured.


Loans and Advances: Anything which has been paid and receivable in form of cash/kind (to be

adjusted against future services/liabilities) to be grouped under loans & advances. Capital Advances: New category and same will not shown under Capital WIP.

Classified as Non current.

Perpetual Security Deposit: (Security Deposits for electricity, telephone etc.) This should be considered as non-current until and unless it is identified to be

receivable in next 12 months/ Operating Cycle.

Loan & Advances to related party (earlier it was “to subsidiary companies”)

Prepaid expenses.

Rental and Lease Deposit.


Loans and Advances: (Contd..) TDS should be shown separately in the schedule .

Regarding additional disclosure as required under clause 32 of listing agreement only Loans and Advance in nature of Loans need to be disclosed and not the normal advances.

Present requirements regarding sub-classification as secured or un-secured, considered good or doubtful debts continue in the revised schedule also.

Allowance for bad and doubtful loans and advances shall be disclosed under the relevant heads separately

Presentation for MAT should be as per guidance note issued by ICAI.

“Capital advances” are specifically required to be presented separately under the head “Loans & advances” rather than including elsewhere.


Other Current Assets / Other Non- Current Assets: This is an all-inclusive heading, which incorporates Current / Non-Current assets that do not fit into any other asset categories. For e.g.

Unamortized premium on forward contracts Deferred Government Grants receivable Unbilled Revenue. Interest Accrued on Loans and Advances Reimbursement receivable Rent income receivable Long term Trade Receivable(on the deferred credit terms).Insurance claim receivableInterest on debtors Amount Receivable against sale of fixed assets Bank Deposits more than 12 months to be classified under non-current assets.


Cash and Bank Balances:

Cash & Bank Balance to be divided in 3 category1.Cash & Cash Equivalent : Cash, Bank balance, cheque/DD and deposits with original maturity up to 3 months (as defined in AS-3 “ Cash Flow Statements”)

2.Other Bank Balance (Current) : Deposits with more than 3 months original maturity but less than 12 months maturity from BS date.

3.Other Bank Balance (Non-Current) : Deposits with more than 12 months maturity from BS date

Bank Deposits more than 12 months to be classified under non-current assets.

Earmarked balances with banks (for example, for unpaid dividend) shall be

separately stated.


Cash and Bank Balances: (Contd..) Bank balance/Deposit held as margin money or security against the borrowings or guarantee or other commitment should be disclosed separately

Accounting of Book OD :

Book OD to be netted off with the FD balance related to same bank account appearing in books on account of Swap in facility.

Repatriation restrictions, if any, in respect of cash and bank balances shall be separately stated.


Inventories:Goods-in-transit shall be disclosed under the relevant sub-head of inventories.

Stock in Trade (in respect of goods acquired for trading) needs to be disclosed separately.

Mode of valuation shall be stated. “ Inventory is valued lower of cost and net realizable value ”

Inventories shall be classified as: (a)Raw materials;(b)Work-in-progress;(c)Finished goods;(d)Stock-in-trade (in respect of goods acquired for trading);(e)Stores and spares;(f)Loose tools;(g)Others (specify nature).


Comparative Changes in Format of: Statement of Profit and Loss

Note: (The Revised Schedule VI prescribes only the vertical format for presentation of Financial Statements. Thus, a company will now not have an option to use horizontal format for the presentation of Financial Statements as prescribed in Old Schedule VI.)

Particulars Schedules

Detail Amount

Amount

Sales 4.1 XXXX

Opening Stock 4.2 XXXX

Purchases 4.3 XXXX

Direct Expenses 4.4 XXXX

Less: Closing Stock 4.5 (XXXX) XXXX

Cost of Goods Sold (XXXX)

Gross Profit: XXXX

Add: Indirect Incomes 4.6 XXXX

Less: Provisions and Payments to Employees

4.7 (XXXX)

Less: Administrative Expense 4.8 (XXXX)

Less: Selling & Distribution Expenses

4.9 (XXXX)

Less: Financial Expenses 4.10 (XXXX)

Net Profit/(Loss) Before Depreciation and Tax [Balance C/F]

XXXX


YearPrevious

Year

I. Revenue from Operations 4.1 XXXX XXXX

II. Other Income 4.2 XXXX XXXX

III. Net Revenue from Operations: (I+II)

XXXX XXXX

IV. Expenses: XXXX XXXX

Cost of materials consumed 4.3 XXXX XXXX

Purchases of Stock-in-Trade 4.4 XXXX XXXX

Changes in Inventories: Finished Goods Work-in-Progress Stock-in-Trade

4.5XXXXXXXXXXXX

XXXXXXXXXXXX

Employee benefits expense 4.6 XXXX XXXX

Finance costs 4.7 XXXX XXXX

Depreciation & Amortization expense

4.8 XXXX XXXX

Other Expenses 4.9 XXXX XXXX

Total Expenses XXXX XXXX

V. Profit before exceptional andextraordinary items and tax(III-IV) [Balance C/F]

XXXX XXXX

Old Schedule VI (Profit & Loss Account)

New Revised Schedule VI (Statement of Profit & Loss)


YearPrevious

Year

V. Profit before exceptional andextraordinary items and tax(III-IV) [Balance C/F]

XXXX XXXX

VI. Exceptional Items 4.10 XXXX XXXX

VII. Profit before extraordinary and prior period items and tax (V-VI)

XXXX XXXX

VIII. Extra ordinary Item 4.11 XXXX XXXX

IX. Profit before Prior period Items and Tax (VII-VIII)

XXXX XXXX

X. Extraordinary Items 4.12 XXXX XXXX

XI. Profit Before Tax (IX-X) XXXX XXXX

XII. Tax Expense: (1) Current Tax (2) Deferred Tax

4.13 XXXX XXXX

XIII. Profit (Loss) for the period from continuing operations

XXXX XXXX

XIV. Profit/(Loss) from discontinuing Operations

4.14 XXXX XXXX

XV. Tax expense of discounting operations

4.15 XXXX XXXX

XVI. Profit/(Loss) from discounting operations (after tax) (XIV-XV)

XXXX XXXX

XVII. Profit (Loss) for the period (XIII+XVI)

XXXX XXXX

XVIII. Earning per Equity Share:(1) Basic(1) Diluted

XXXXXXXX

XXXXXXXX

Particulars Detail Amount

Amount

Net Profit/(Loss) Before Depreciation and Tax [Balance B/F]

XXXX

Less: Depreciation 3.2 (XXXX)

Net Profit/(Loss) Before Tax XXXX

Less: Taxation – Current 4.11 (XXXX)

Net Profit/(Loss) After Tax XXXX

Profit & Loss Account B/F(Last year) 4.12 XXX/(XXX)

Profit Available for Appropriation XXXX

Less: Reserves Created in C.Y. 4.13 (XXXX)

NET PROFIT/(LOSS) CARRIED TO BALANCE SHEET

XXXX

Revenue from Operations:

Any item of income or expenditure which exceeds 1% of the revenue from operations or Rs. 1,00,000, whichever is higher needs to be disclosed separately.

Revenue from Operations is to be separately disclosed in the notes. Sales of Product

Manufactured XXX Traded XXX XXX

Sale of Services XXX Other Operating Revenue XXX Less : Excise Duty (XXX)

Key Highlights (Statement of Profit & Loss):

Revenue from Operations:

Other Operating Revenue includes revenue arising from company’s operating activities, i.e. either its principal or ancillary revenue-generating activities but does not include revenue from sale of products and services.

Disclosure under broad heads Sales of finished goods manufactured. Sales of traded goods

( Only amount need to be disclosed product wise. It would not include export incentives)


Other Income: Non-operating income needs to be shown after netting off with any expenses

directly attributable to such income.

Insurance claim received for the current year to be netted off under the respective head of expenses (eg.repair & maintenance) and for prior year to be shown under other income.

Provision written back for non recurring material nature more than one year old to be shown under other income and in all other case it has to be credited to respective expense account.

Following items need to be classified under other income

Profit on sale of fixed assets ( net)

Foreign Exchange Gain ( net)

Bad Debt written off recovered.


Cost of Material Consumed:

Cost of Packing Material is classified under Cost of Material consumed

Cost of component consumed is separately disclosed

Disclosure under broad heads

Consumption of major items of Raw materials.

Purchase of Stock in trade:

Purchase of finished goods.

Disclosure under broad heads

Goods purchased for trading


Changes in inventory of Finished goods , WIP & Stock in trade: Disclosure under broad heads.

Major items of opening and closing stock

Works in progress, works-in-progress under broad heads.

Closing stock under broad heads

Employee Benefit Expenses: Recruitment and Training Expenses should be grouped as follows :

Recruitment - Other Expenses

Training Exp - Staff Welfare Expenses

ESOP expenses need to be disclosed under Remuneration to Key Personnel

disclosure.


Other Expenses: Separate disclosure need to be given for the following

• Consumption of Stores

• Consumption of Spares

• Other Selling Expenses –(to include expense only on account of sales promotion)

• Legal and Professional Fees : Payment to Auditors should be shown excluding Service tax and would be part of legal and profession charges

• Provisions for Doubtful advances

• Provision for Doubtful debts

• Bad debt Written off

• Printing and Stationery

Consumable stores means items which are consumed in manufacturing or in any process become incorporated into other goods and lose their identity. For e.g. Lubrication Oils, fuel, chemicals etc.


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Other Expenses: Separate disclosure need to be given for the following:-

• Travelling and Conveyance

• Communication Exp.

• Loss on sale of fixed assets

• Foreign exchange loss (net) – (other than on borrowings )

• Premium amortized on forward cover

• Finance charges others (not related to borrowings)

• Donation u/s 80G (Donation to Jan Seva Trust would be clubbed under Miscellaneous expenses)

Research and Development for in house research will not be shown, and the expenses to be shown under respective heads. Contribution for Scientific research will be shown separately

Penalties levied under Income Tax should be classified under other expenses.

Wealth Tax to be grouped under Rates and taxes.


Finance Cost: Other Borrowing Cost:Misc. Bank Charges like, CMS Charges, Credit card charges Foreign Remittance charges, DD / TT Commission, Charges on issuance of Bank Guarantee, LC opening & confirmation charges, Bank Certification, OBC, Annual inspection fees, etc which are not related to borrowings needs to grouped under Other expenses.

Only charges pertaining to borrowing like commitment charges, loan processing charges, loan guarantee charges, loan facilitation charges, etc. will be part of Other Borrowing Cost.

• Charges related to Commercial Paper (for e.g. brokerage, Issuing & Paying Agent Fees (IPA), stamping charges etc.) also need to be shown as Other Borrowing Cost

Premium on Derivatives on borrowings to be shown under finance cost and others would shown under other expenses.


Contingent Liabilities:Contingent liabilities shall be classified as:

(a) Claims against the company not acknowledged as debt.

(b) Guarantees.

(c) Other money for which the company is contingently liable.

For all contingent liability having value more than 10 lacs, a descriptive note should be disclosed separately.

In CARO [Companies (Auditor’s Report) Order, 2003] provisional interest need not be disclosed until unless demanded.

Others/Disclosures:

Commitments: Commitments shall be classified as:

(a) Estimated amount of contracts remaining to be executed on capital account and not provided for;

(b) Uncalled liability on shares and other investments partly paid

(c) Other commitments (specify nature).

All commitments needs to be disclosed , earlier only capital commitment

needs to be disclosed. However will include only non-cancellable material contractual

commitments (i.e. cancellation of which will result in a penalty disproportionate to the benefits involved) based on the professional judgment of the management.

Others/Disclosures:

Related Party Disclosure:Transaction with Joint Venture of the Holding Company is to be disclosed in RPT Statement (transactions with Subsidiary-I, Subsidiary-II and so on.)

Separate disclosure in RPT Statement:

Insurance Premium paid to Subsidiary Co.

(e.g. Insurance subsidiary co.)

Payment on account of corporate connection

No disclosure required for the investment in the Birla Sunlife mutual funds.

Remuneration to Key Personnel: ESOP expenses to be disclosed

Others/Disclosures:

Expenses included under other heads of expenses of Profit & Loss:Details need to be provided under which head the same has been clubbed

Expenditure incurred for in house Research & Development

facilities:Details need to be provided as a disclosure

Provision as per AS 29 need to be disclosed:Details need to be provided which should match with the financials.

Others/Disclosures:

Value of Imports calculated on C.I.F: The value of imports should be disclosed on a C.I.F basis.

I. Raw materials;II. Components and spare parts;III. Capital goods;

The value of imports should also include goods which are in transit on the Balance Sheet date, provided significant risks and rewards of ownership in those goods have already passed to the purchasing company.

Import of packing material need to be disclosed separately

Earnings in Foreign exchange classified under the following heads:

Export of goods calculated on F.O.B. basis;

Royalty, know-how, professional and consultation fees;

Interest and dividend;

Other income, indicating the nature thereof

Others/Disclosures:

Retirement Benefits: In addition to disclosure of contribution to Superannuation and ESI, following

need to be shown separately

• Contribution to Government Employees Provident Fund

• Contribution to Government Employee Pension Fund

Derivative disclosure: Details of currency exposure which is not hedged need to provided in INR as

well as in Foreign currency

Additional disclosure for Cash-flow: Details of unrealized (gain)/loss included in foreign Exchange gain loss need

to be provided for current / non current assets or liabilities.

Others/Disclosures:

Exceptional and Extra-ordinary Items: Not defined in Revised Schedule VI

Para 12, 13 and 14 of AS-5 ‘Net Profit or Loss for the period, Prior Period Items and

Changes in Accounting Policies’, Exceptional items arise from ordinary activity and are of

such size, nature or incidence that their disclosure is relevant to explain the performance of

the enterprise for the period.

Not defined in Revised Schedule VI

Para 4.2 of AS-5 ‘Net Profit or Loss for the period, Prior Period Items and Changes in

Accounting Policies’,

- Extra ordinary items are those that arise other than from ordinary activity of the

Company and hence are not expected to be recurring.

Others/Disclosures:

Expenditure in Foreign Currency: The expenditure in foreign currency is to be shown on accrual basis, earlier it was showing on cash basis

Segmental Disclosure: In case of secondary segment disclosure, the detail of asset in India and outside India needs to be given.

Donation and Depreciation expenses need to be shown under general expenses

Units share of “the Company” expenses are accounted under various heads of expenditure to which it pertains except for donation and depreciation.

Others/Disclosures:

1. Section 77A:Where a company purchases its own shares out of free reserves, then a sum equal to the nominal value of the share so purchased shall be transferred to the capital redemption reserve account referred to in clause (d) of the proviso to sub-section (1) of section 80 and details of such transfer shall be disclosed in the balance-sheet.

2. Section 211:(3A) Every profit and loss account and Balance Sheet of the company shall comply with the Accounting Standards.(3B) Where the profit and loss account and the Balance Sheet of the company do not comply with the Accounting Standards, such companies shall disclose in its profit and loss account and balance sheet, the following, namely :-

(a) the deviation from the Accounting Standards;(b) the reasons for such deviation; and(c) the financial effect, if any, arising due to such deviation.

List of disclosures required under the Companies Act 1956 :

3. Section 293A:Every company shall disclose in its profit and loss account any amount or amounts contributed by it to any political party or for any political purpose to any person during the financial year to which that account relates, giving particulars of the total amount contributed and the name of the party or person to which or to whom such amount has been contributed.

4. Section 293B:1) The Board of directors of any company or any person or authority exercising the powers of the Board of directors of a company, or of the company in general meeting, may, notwithstanding anything contained in sections 293 and 293A or any other Provision of this Act or in the memorandum, articles or any other instrument relating to the company, contribute such amount as it thinks fit to the National Defence Fund or anyother Fund approved by the Central Government for the purpose of national defence.

(2) Every company shall disclose in its profit and loss account the total amount or amounts contributed by it to the Fund referred to in sub-section (1) during the financial year to which the amount relates.

List of disclosures required under the Companies Act 1956 : (Contd..)

Rest of the rules, regulations and bye laws must be followed as they are for private, public and producer companies applicable on them being listed and non-listed company falling in category of XBRL and for more clarification please refer:

MCA Taxonomy on XBRL 2012Revised Schedule-VI (guidance note issued by ICAI)Accounting Standards,Listing Agreement,SEBI: ICDR Guidelines,2009 and Extensible Business Reporting Language rules, 2012 read with provisions of the Companies Act 1956.

Reference:

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