State the difference between Old Schedule VI and Revised Schedule VI.

Sr. No.ParticularsOld Schedule VIRevised Schedule VI
1.Rounding off of Figures appearing in financial statementTurnover of less than ₹ 100 Crs. – R/off to the nearest Hundreds, thousands or decimal thereofTurnover of less than ₹ 100 Crs. – R/off to the nearest Hundreds, thousands, lakhs or millions or decimal thereof
Turnover of ₹ 100 Crs. Or more but less than ₹ 500 Crs. R/off to the nearest Hundreds, thousands, lakhs or millions or decimal thereof.Turnover of ₹ 100 Crs. or more R/off to the nearest lakhs, millions or crores, or decimal thereof.
Turnover of ₹ 500 Crs. or more R/off to the nearest Hundreds, thousands, lakhs, millions or crores, or decimal thereof.
2.Net Working CapitalCurrent assets & liabilities are shown together under application of funds. The net working capital appears in the balance sheet.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 the Balance sheet.
3.Fixed AssetsThere was no bifurcation required in to tangible & intangible assets.Fixed assets to be shown under non–current assets and it has to be bifurcated into Tangible & intangible assets.
4.BorrowingsShort term & long term borrowings are grouped together under the head loan funds subhead Secured/unsecured.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.
5.Finance lease obligationFinance lease obligations are included in current liabilitiesFinance lease obligations are to be grouped under the head non-current liabilities.
6.DepositsLease deposits are part of loans & advancesLease deposits to be disclosed as long term loans & advances under the head, "non-current assets".
7.InvestmentsBoth current & non-current investments to be disclosed under the head investmentsCurrent and non-current investments are to be disclosed separately under current assets & non-current assets respectively.
8.Loans & AdvancesLoans & Advances are disclosed along with current assetsLoans & Advances to be broken up in long term & short term and to be disclosed under non-current & current assets respectively.
Loans & Advance to subsidiaries & others to be disclosed separatelyLoans & Advance from related parties & others to be disclosed separately.
9.Deferred Tax Assets/LiabilitiesDeferred Tax Assets/liabilities to be disclosed separatelyDeferred Tax Assets/liabilities to be disclosed under non-current assets/liabilities as the case may be.
10.Cash & Bank BalancesBank balance to be bifurcated in scheduled banks & othersBank balances in relation to earmarked balances, held as margin money against borrowings, deposits with more than 12 months maturity, each of these to be shown separately.
11.Profit & LossP & L debit balance to be shown under the head Miscellaneous expenditure & lossesDebit balance of Profit and Loss Account to be shown as negative figure under the head Surplus. Therefore, reserve & surplus balance can be negative.
12.Sundry CreditorsCreditors to be broken up in to micro & small suppliers and other creditorsIt is named as, 'Trade payables' and there is no mention of micro & small enterprise disclosure.
13.Other current liabilitiesNo specific mention for separate disclosure of Current maturities of finance lease obligationCurrent maturities of finance lease obligation to be disclosed.
14.Separate line itemAny item under which expense exceeds one per cent of the total revenue of the company or ₹ 5,000 which ever is higher; shall be disclosed separately.Any item of income/expense which exceeds one per cent of the revenue from operations or ₹ 1,00,000, which ever is higher, to be disclosed separately.
Disclosure criteria
15.Expense classificationFunction wise & nature wiseExpenses in Statement Profit and Loss to be classified based on nature of expenses.
16.Finance CostFinance cost to be classified in fixed loans & other loansFinance cost shall be classified as interest expense, other borrowing costs & Gain/Loss on foreign currency transaction & translation.
17.Foreign exchange gain/lossGain/loss on foreign currency transaction to be shown under finance cost.Gain/loss on foreign currency transaction to be separated into finance costs and other expenses.
18.PurchasesThe purchase made and the opening & closing stock, giving break up in respect of each class of goods traded in by the company and indicating the quantities thereof.Goods traded in by the company to be disclosed in broad heads in notes. Disclosure of quantitative details of goods is diluted.

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