Revision to Schedule VI to the Companies Act
MCA has revised Schedule VI in February 2011. The Schedule has been framed in accordance with the existing non-converged Indian Accounting Standards (AS), notified under the Companies (Accounting Standards) Rules, 2006. The Schedule will apply to all companies for financial statements to be prepared for the financial year 2011-12 and thereafter. Schedule VI, which is currently applicable is undergoing significant changes and so Grant Thornton, along with The Bombay Chambers, organized an interactive session on the Revision to Schedule VI to the Companies Act, 1956. The Session was presented by Khushroo B. Panthaky, Partner Assurance, Walker Chandiok & Co. In this Session , Khushroo B. Panthaky takes us through the key changes and other practical implications of Schedule VI.