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September 2011

Section A: Disclosures Under Revised Schedule VI

By Himanshu V. Kishnadwala
Chartered Accountant
Reading Time 1 mins
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Compiler’s Note:

The Ministry of Company Affairs notified Revised Schedule VI on 28th February 2011. The same is applicable for all companies for financial statements prepared for the financial year commencing from 1st April 2011 onwards.

Paragraph 10 of AS-25 ‘Interim Financial Reporting’ as notified by the Companies (Accounting Standards) Rules, 2006, states that “If an enterprise prepares and presents a complete set of financial statements in its interim financial report, the form and content of those state-ments should conform to the require-ments as applicable to annual complete set of financial statements.” Accordingly, if a company following April-March as its accounting year, prepares complete set of financial statements, it will have to present the same in the Revised Sched-ule VI as applicable for 2011-12.

Infosys Limited follows the practice of preparing full set of financial state-ments for each quarter. In terms of the above, Infosys Limited (which follows April-March as its accounting year) has prepared its financial statements for the quarter ended 30th June 2011. Important extracts from these financial statements prepared in accordance with Revised Schedule VI are being published in two parts.

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