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Notes to accounts

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Querist : Anonymous

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Querist : Anonymous (Querist)
24 May 2012 Dear all,

Please Clarify me that in case of proprietorship concern, Notes to Accounts is compulsory or not?
and if it is compulsory, then where is is written?


I need my query solution as earliest as possible.

Please do the needful
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
24 May 2012 Notes to accounts are required by the Accounting Standards if a disclosure is to be made as per the AS.
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Querist : Anonymous

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Querist : Anonymous (Querist)
24 May 2012 SO IT IS MANDATORY FOR PROPRIETORSHIP CONCERN, IF TAX AUDIT HAS BEEN DONE BY THEM
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Querist : Anonymous

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Querist : Anonymous (Querist)
24 May 2012 SO IT IS MANDATORY FOR PROPRIETORSHIP CONCERN, IF TAX AUDIT HAS BEEN DONE BY THEM
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
24 May 2012 Notes to accounts is a requirement of the Accounting Standard and has nothing to do with tax audit.
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
24 May 2012 If accounts are to be audited under any statute, irrespective of the status of the auditee, notes on accounts should form part of the audited financial statements. If there is no general notes to be mentioned, notes on accounts should contain accounting polices with particular reference to the Accounting Standards.
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Querist : Anonymous

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Querist : Anonymous (Querist)
24 May 2012 Thanks to all of you
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