The balance sheet format as per Schedule 6 requires businesses to classify assets and liabilities into current and non-current categories. Schedule 6 proposes this due to better readability. And to easily create the current asset to current liabilities ratio, known as current ratio. Another important revision made in the MCA compliance as per Schedule 6 requires businesses to disclose gross profit in the profit and loss account. Schedule 6 also uses the term cost of sales instead of the term cost of goods sold.