Deferred Tax Liabilities
All deferred tax liabilities will be classified as non-current liabilities under the revised Schedule and disclosed on the face of the balance sheet after long-term borrowings as part of non-current liabilities.
While the existing Schedule VI is silent on the disclosure of net deferred tax liabilities (or assets), AS 22, Accounting for Taxes on Income, requires deferred tax liabilities (net of the deferred tax assets) to be disclosed on the face of the balance sheet separately after the head 'unsecured loans'.
There is no substantive impact due to the above change in revised Schedule.
