What is Trade Receivables?

Trade Receivables
Trade receivables that are classified as current are required to be disclosed on the face of the balance sheet (long term trade receivables are disclosed in the notes under non-current assets). In the notes, these should be further classified (as at present) into secured considered good, unsecured considered good, and doubtful (along with allowance for bad and doubtful debts).
Similar to the present position, the revised Schedule also requires disclosure of debts due by directors or other officers or by firms or private companies in which any director is a partner/director/member.
However, the requirement to disclose the maximum amount due by directors or other officers of the company at any time during the year has not been retained. Also, the revised Schedule does not include the requirement to disclose amounts due from companies under the same management.
As per the existing Schedule VI, debts outstanding for a period exceeding six months are required to be disclosed separately. The revised Schedule includes a requirement for disclosure of trade receivables under the current category that are outstanding for more than six months "from the date they are due for payment". Thus, this period should be determined after excluding the contractual credit period.