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Section 211 FORM CONTENTS OF BALANCESHEET AND PROFIT LOSS ACCOUNT I
Schedule VI part I II compliance necessary with respect to B S P L Exemption to Banking Company Insurance company Electricity Company Any other company having specific form of B S P L a c, specified by act governing it.
II Central Government has got Power to exempt compliance of any of the requirement of schedule VI by notification in official gazette. Note
CG can exercise such power only in public interest.
Exemption may be conditional unconditional. III Compliance of Accounting Standards Relevant provisions Sec.211 3A 3B 3C Accounting Standard means Accounting Standard prescribed by National Advisory Committee on Accounting Standards. Till such committee prescribes AS, AS issued by ICAI.is applicable. If AS is not complied the following disclosure in financial statement is necessary The fact of deviation from AS. Reasons for such deviation. Financial effect of such deviation IV Modification of Requirements of The Companies Act With respect to Financial Statement Possible On an application by BOD to CG.
Suomoto modification by CG with BOD consent. II Non-disclosure of certain matters required by Schedule VI, if not required by the following acts, will not affect true and fair view shown by financia l statements Company Insurance company Banking company Electricity company Any other company
Act. Insurance act 1938 Banking companies act 1949 Electricity supply act 1948 Special Acts governing that company
III Financial statement includes Notes to accounts. Section 213 FINANCIAL YEAR OF HOLDING COMPANY SUBSIDIARY COMPANY Overrides all the provisions of this act