Schedule VI, notified vide Notification No.653 (E), dated 30 March 2011, w.e.f. 01-04-2011, requires the Balance Sheets and Profit and Loss Accounts to be prepared, for the financial year commencing on or after 01-04-2011, in accordance with the old Accounting Standards. With this reform in accounting world, the financial transactions will now be brought to the notice of all stake holders in a better presentation, broadly in line with international presentation, as compared to conventional formats of Balance Sheet and Profit and Loss Account as per the old Schedule VI.
Another important advancement in the field of financial reporting has been the introduction of XBRL. The Ministry of Corporate Affairs has made XBRL mandatory for certain class of companies to file their Balance Sheets and Profit and Loss Accounts, for the year 2010/11 and onwards, using XBRL taxonomy.
These developments, on one hand, have created a challenge for the accountancy profession but at the same time have created a great deal of opportunities to capitalise on, at the same time, by being the first and best to understand these requirements. This book is a step in this direction and is expected to help the ever enthusiastic professionals to know more and know better, the intricacies of these developments in the field of financial reporting in India