General Instructions for preparation of Vertical Balance
Any change in treatment
or disclosure required by compliance with the Act, consisting of any
addition, modification, substitution, or deletion to the headings or subheads of the
financial statements or statements forming part thereof, shall be made. The provisions of
this Schedule shall stand modified accordingly.
requirements specified in this Vertical balance sheet are in addition to and
not in substitution for the disclosure requirements outlined in the Accounting Standards
prescribed under the Companies Act, 2013. The statements shall make additional disclosures
specified in the Accounting Standards in the notes to accounts or supplementary statements.
However, these disclosures are not required to be disclosed on the face of the Financial
In addition to the data
presented in the Financial Statements, Notes to accounts shall contain
information, including narrative descriptions or disaggregations of items recognized in
those statements; and information about things that are not qualified for recognition in
Each item on the
Vertical Balance Sheet and Statement of Profit and Loss must cross-reference any related
information in the notes to accounts. In preparing the Financial Statements, including
the notes to accounts, one shall balance providing excessive detail that may not assist
financial statement users and not provide necessary information due to too much
appearing in the Financial Statements may be rounded off Depending on the
company's turnover. If the turnover is less than 100 crore rupees, you can round it to
the nearest hundreds, thousands, lakhs, millions, or decimals. If the turnover is more
than 100 crore rupees, then rounding off to the nearest lakhs, millions, crores, or
decimals are allowed.
incorporation, the first financial statements presented to the company must include
corresponding amounts (comparatives) for all items, including notes shown in the
financial statements, for the immediately preceding reporting period.