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trishup (Querist)
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24 June 2016 Is date of approval of financial statement and date on which financial statement are issued to outsiders same? Subsequent events tells- Events between date of financial statement and date of auditors report and facts that auditor comes to know after auditor's report but before the "date the financial statements are issued". So is the date of financial statement being issued to outsiders and date of signing balance sheet by directors(approving financial statement)same? and are financial statement approved and signed by directors in AGM? if so then when are the financial statement issued to outsiders and third party,after AGM or in the AGM itself? please help ipcc student.

CA Amrita Chattopadhyay

CA Amrita Chattopadhyay (Expert)
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27 June 2016 The financial statement which can be issued to the outsider are generally the period when the financial statement are published in case of listed company / public limited company or sent to bankers in the case of private limited company. If any event which needs to be reported comes to the auditor after signing of Balance Sheet or before publication of report, it is considered as subsequent event.

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