Notes to accounts

This query is : Resolved

Guest

Guest (Querist)

27 May 2013 Dear expert,

I want to know if we change only wording of notes to accounts but it does not have any impact on the financial statements and we delete some accounting policies not applicable to the company (as applicable in the previous year), then what are the consequences.

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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27 May 2013 Notes to accounts is related to respective financial year basis. you can make according to the financial result and details related to financials

But Accounting policies will be applied consistently by the company, it will be remain unchanged unless the statutory requirement prevails the policy. accounting policy need to be disclosed

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Guest

Guest (Querist)

28 May 2013 Sir,

I want to know if the previous year balance sheet was finalised by other auditor and he mention the accounting policies not applicable to the company and this time we want to delete these policies in the notes to accounts, can we do this.

Thanks.

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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28 May 2013 In case there is no transactions or balances related to the particular accounting policy, then you can delete

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