Hi Friends,
Can any of u guide me as to what should be included in the Notes to Accounts and what are the Accounting Standards generally applicable for a Newly Incorporated Company.
Thanks in Advance.....
Ravi (Audit Assistant) (48 Points)
25 March 2010Hi Friends,
Can any of u guide me as to what should be included in the Notes to Accounts and what are the Accounting Standards generally applicable for a Newly Incorporated Company.
Thanks in Advance.....
Aditya Maheshwari
(CA in Practice)
(35867 Points)
Replied 25 March 2010
The following note should always be there in the first year notes to accounts that
"This being the first year of the company, the accounts have been drawn from 11th June, 2009 to 31st March, 2010 and therefore no corresponding figures for the previous year have been given."
Aditya Maheshwari
(CA in Practice)
(35867 Points)
Replied 25 March 2010
And the applicability of accounting standard depends upon the size and the turnover of the company.
CAclubindia
