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K.R. Srivats

New Delhi , Sept. 9

THE 29-member Central Council of the Institute of Chartered Accountants of India (ICAI) is to meet on September 16 to discuss, among other issues, the changes that may be required to the existing statutory format (popularly Schedule VI) for presentation of balance-sheet and profit and loss account under the Companies Act, 1956.

"There are diverse and extreme views among the members on the matter of changes in Schedule VI. This needs to be discussed at the level of the Council. We will take this matter at the forthcoming meeting of the Central Council and recommend changes to Department of Company Affairs (DCA)", the President of ICAI, Mr R. Bupathy, told Business Line here.

While there is near unanimity among chartered accountants that Schedule VI has not kept pace with the modern trends in accounting standards and disclosure requirements of regulators, a section of professionals also hold the view that Schedule VI is not relevant in the current context. The professionals who make a case for doing away with statutory compulsions

argue that the market would dictate the level of transparency in financial statements.

The DCA has already taken a position that there was no merit in the views of those chartered accountants who are advocating the scrapping of Schedule VI format.

At their three-day meeting , the Central Council is also likely to discuss the report of the study group that had been appointed to look into the activities of multinational consulting firms that are alleged to have indulged in surrogate auditing.

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