List of major differences between the Old and the New Schedule VI (which is proposed to be

implemented)
S
r.
Particulars Old Schedule VI Revised Schedule VI
N
o.
Turnover of less than Rs. 100
Crs - R/off to the nearest
Hundreds, thousands or decimal
thereof
Turnover of less than Rs. 100 Crs -
R/off to the nearest Hundreds,
Rounding off Turnover of Rs. 100 Crs or more
thousands, lakhs or millions or
of Figures but less than Rs. 500 Crs - R/off
decimal thereof
1 appearing in to the nearest Hundreds,
financial thousands, lakhs or millions or
Turnover of Rs. 100 Crs or more -
statement decimal thereof
R/off to the nearest lakhs, millions
or crores, or decimal thereof
Turnover of Rs. 500 Crs or more
- R/off to the nearest Hundreds,
thousands, lakhs, millions or
crores, or decimal thereof

Current assets & Liabilities are
shown together under
Net Working
2 application of funds. The net
Capital
working capital appears on
balance sheet.
There was no bifurcation
3 Fixed Assets required in to tangible &
intangible assets.
Short term & long term
borrowings are grouped
4 Borrowings together under the head Loan
funds sub-head Secured /
Unsecured
Assets & Liabilities are to be
bifurcated in to current & Non-
current and to be shown
separately. Hence, net working
capital will not be appearing in
Balance sheet.
Fixed assets to be shown under
non-current assets and it has to be
bifurcated in to Tangible &
intangible assets.
Long term borrowings to be shown
under non-current liabilities and
short term borrowings to be shown
under current liabilities with
separate disclosure of secured /
unsecured loans.
Period and amount of continuing
default as on the balance sheet
date in repayment of loans and
interest to be separately specified
 Finance lease obligations are to be
Finance lease Finance lease obligations are
5 grouped under the head non-
obligation included in current liabilities
current liabilities
Lease deposits to be disclosed as
Lease deposits are part of loans
6 Deposits long term loans & advances under
& advances
the head non-current assets
Current and non-current
Both current & non-current
investments are to be discosed
7 Investments investments to be disclosed
separately under current assets &
under the head investments
non-current assets respectively.
Loans & Advances to be broken up
Loans & Loans & Advance are disclosed in long term & short term and to
8
Advances alongwith current assets be disclosed under non-current &
current assets respectively.
Loans & Advance to subsidiaries Loans & Advance from related
& others to be disclosed parties & others to be disclosed
separately. separately.
Deferred Tax assets / liabilities to
Deffered Tax
Deferred Tax assets / liabilities be disclosed under non-current
9 Assets /
to be disclosed separately assets / liabilities as the case may
Liabilities
be.
 Bank balances in relation to
ermarked balances, held as
1 Cash & Bank Bank balance to be bifurcated in margin money against borrowings,
0 Balances scheduled banks & others deposits with more than 12
months maturity, each of these to
be shown separately.
Debit balance of Profit and Loss
P&L debit balance to be shown Account to be shown as negative
1 Profit & Loss
under the head Miscellaneous figure under the head Surplus.
1 (Dr Balance)
expenditure & losses. Therefore, reserve & surplus
balance can be negative.
Creditors to be broken up in to It is named as Trade payables and
1 Sundry
micro & small suppliers and there is no mention of micro &
2 Creditors
other creditors. small enterprise disclosure.
No specific mention for separate Current maturities of long term
1 Other current
disclosure of Current maturities debt to be disclosed under other
3 liabilities
of long term debt current liabilities.
No specific mention for separate
Current maturities of finance lease
disclosure of Current maturities
obligation to be disclosed.
of finance lease obligation
 any item under which expense any item of income / expense
Separate line
exceeds one per cent of the which exceeds one per cent of the
1 item
total revenue of the company or revenue from operations or Rs.
4 Disclosure
Rs. 5,000 which ever is higher; 1,00,000, which ever is higher; to
criteria
shall be disclosed separately be disclosed separately
Expenses in Statement of Profit
1 Expense
Function wise & nature wise and Loss to be classified based on
5 classification
nature of expenses
Finance cost shall be classified as
1 Finance cost to be classified in interest expense, other borrowing
Finance Cost
6 fixed loans & other loans costs & Gain / Loss on foreign
currency transaction & translaton.
Foreign Gain / Loss on foreign currency Gain / Loss on foreign currency
1
exchange transaction to be shown under transaction to be separated into
7
gain / loss finance cost finance costs and other expenses
The purchase made and the
opening & closing stock, giving Goods traded in by the company
1 break up in respect of each to be disclosed in broad heads in
Purchases
8 class of goods traded in by the notes. Disclosure of quantitative
company and indicating the details of goods is diluted
quantities thereof.