Revised Schedule VI: A Milestone of Indian Corporate Reporting System

Abstract

The main objective of this paper is to presenting a prevalent picture of Revised Schedule VI. Th e Part-I of the schedule sets out the minimum requirements for disclosure on the face of the Balance Sheet and Part- II the Statement of Profi t&Loss, hereinaft er referred to as "Financial Statements" Notes. Th e revised schedule VI is major give a face-lift of the existing one. Th e focus has been put primarily on the liquidity aspect of Balance Sheet items. Th e revised guidelines are a stepping stone towards International Financial Reporting Standards (IFRS) convergence and will assist at the time of IFRS convergence. Revised schedule VI strives for a more transparent presentation of company's fi nancial picture. Under this schedule the presentation of assets and liabilities in the balance sheet which is largely in line with the fundamental of used under Ind-AS/IFRS. Th e revised guidelines are a milestone towards Indian corporate reporting system.