Disclosure for company with no activity?
This query is : Open
Nandakumar K Konkar
(Querist)
10 May 2011
Do we have to make any disclosure in the Notes to Accounts of a company that has no activities & is hence dormant [Co Law filing of Annual Returns, Balance Sheet, etc are done regularly].
This also does not fall within the scope of 'Discontinuing Operations' as no activity has been formally discontinued.
This also does not fall within the scope of 'Discontinuing Operations' as no activity has been formally discontinued.
10 May 2011
Yes ,disclosure is required as a corollary to Accounting standards like AS-9.
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Nandakumar K Konkar
(Querist)
10 May 2011
Thanks, Mr. Warrier,
I suppose that Notes on Accounts should contain a note such as-
"No revenue has been recognised in the absence of any revenue earning activities by the company during the year"
I suppose that Notes on Accounts should contain a note such as-
"No revenue has been recognised in the absence of any revenue earning activities by the company during the year"
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