Caro requirement
This query is : Resolved
20 August 2007
in case a companys accumlated losses is more than 50% of its net worth and the company has not taken any loan from any bank or financial institution, then what is the requirement as for as the caro is concerned.
20 August 2007
21 August 2007
21 August 2007
These two aspects are different requirements of reporting by the auditors in their report and in case the accumulated losses are more than 50% of the net worth the same has to be reported in the report. It is to be further reported that whether the company has incurred cash losses either in this year or in the immediately previous financial year. If the company has not taken any loan from bank or financial institution,the same mey be reported for or report that the clause is not applicable and hence not reported. It is suggested that the author of the querry hs to go through the guidance note issued by the ICAI where they have explained the reporting requirements elaborately
21 August 2007
Please also not that company should have been registered for not less than five years.
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