Financial Daily from THE HINDU group of publications
Friday, Aug 29, 2003
Financial Daily from THE HINDU group of publications Friday, Aug 29, 2003 |
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Corporate
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Regulatory Bodies & Rulings No need to do away with statutory format for balance sheets: DCA Our Bureau
New Delhi , Aug. 28 THE Department of Company Affairs (DCA) has rejected Institute of Chartered Accountants of India's (ICAI) suggestion to do away with the statutory format (popularly known as Schedule VI) for presentation of balance-sheet and profit and loss account under the Companies Act, 1956. "To say that Schedule VI of the Companies Act is not relevant in the current context is a bit far fetched. In our view, Schedule VI is very relevant and it has stood the test of time. There may be some scope for improvements, but to say that it is not relevant is certainly not acceptable," said Mr R. Vasudevan, Director, DCA, at a National Conference on Accounting Standards organised by the ICAI and the Federation of Indian Chambers of Commerce and Industry (FICCI) here today. He cited various instances (including cases of relatively small companies) where the format prescribed by the DCA were found to be more appropriate. While Mr N.V. Iyer, Chairman Accounting Standards Board, ICAI, held that it was necessary to get away from "statutory compulsions" and that market would dictate the level of transparency, the Chairman of ICAI's Corporate Law Committee, Mr Kamlesh S. Vikamsey, said "there is no need for Schedule VI and also the statutory prescription of what an auditor's report must contain".
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