Projected B/s [Resolved]

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

28 August 2010 Sir I have recently started practice. An asessee has told me to give projected balance sheet & P and L A/c for forthcoming years. Sir What should I verify for that.
And also tell me while attesting which wordings should I use....means before FOR XYZ Associates...like Subject to...
Please provide me the exact wordings so that the burden dos not come on me.

Thanks

Thrissurkkaran Ishtan

Thrissurkkaran Ishtan (Expert)

28 August 2010 Please refer to SAE 3400 (AAS 35) on The Examination of Prospective Financial Information of ICAI.

Pls click on this link to get access
https://220.227.161.86/15410Link45_3400SAE-AAS35.pdf

Querist : Anonymous

Querist : Anonymous (Querist)

28 August 2010 sir assessee is proprietorship firm. I just want to know the remarks to be used with my attestation on Balance Sheet.

Rahul Gupta

Rahul Gupta (Expert)

28 August 2010 Go through this link, you will get some information.

https://www.caclubindia.com/experts/details.asp?mod_id=427275

Also, There is no exact wording. In my view, you can make a general statement that the projections are made based on the trends of the last 2-3 years of balance sheet. Also, any special information related to asset, capital contribution, drawings, loans or any special planning informed by the management has been considered wherever applicable. Also, this balance sheet is to be used only for projections purpose based on the methods used.

I think it can help you in some way.

Experts views are solicited.....

Thrissurkkaran Ishtan

Thrissurkkaran Ishtan (Expert)

30 August 2010 Pls go to the same link I provided earlier

Go to page 12 and 13. Refer cluase 30 and clause 31 on the said pages.

Hope your query is addressed

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