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06 August 2016
i m auditing a pvt ltd which incurring losses more than its networth. i wants to know any foot notes required in financial statements for this? if yes let me know what to write in foot notes
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08 August 2016
If the losses are more than its net worth, you need to assess the going concern of the company. It it is only for a year, the same need not be reported but if the same is for more than a year, a foot note has to be given and the action taken by management to make it going concern has to be analysed and reported in the foot note. For example whether new projects are on pipeline and venture capitalist has been approached etc.
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