Rounding of financial statements clarified to apply to profit and loss accounts to ensure consistent presentation across statements. The circular clarifies that the notification permitting rounding of balance sheet figures to prescribed denominations also applies by implication to the profit and loss account prepared under Schedule VI, so that both statements use the same simplified rounding procedure and present consistent figures to readers.
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Provisions expressly mentioned in the judgment/order text.
Rounding of financial statements clarified to apply to profit and loss accounts to ensure consistent presentation across statements.
The circular clarifies that the notification permitting rounding of balance sheet figures to prescribed denominations also applies by implication to the profit and loss account prepared under Schedule VI, so that both statements use the same simplified rounding procedure and present consistent figures to readers.
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