IF we declare dividend from the profit of 2011-12 profit and loss account should we provide for it in the same financial statements
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Declaring dividend
Replies (5)
Yes you have to provide in appropriations including dividend distribution tax.
For declaring dividend ICSI has issued an SS-3 and coording to it:
Dividend should be declared only at an Annual General
Meeting.
Dividend should relate to a financial year and should be declared
by the Members at the Annual General Meeting of the company
after consideration of the balance sheet and profit and loss
account. Members may declare a lower rate of Dividend than
what is recommended by the Board but have no power to
increase the amount or rate of Dividend recommended by the Board.
For more details read SS-3 issued by institute of company secretaries of India......
Please clarify how come it possible as the amount of dividend is declared on the AGM in which the Financial statements for the year is considered. Is it posible to alter the financial statements audited and signed by CA which is approved in AGM to include that provision
U r absolutely right..It is obviously not possible to alter the audited financial reports but i am assuming that it is already declared in ur AGM because without it we cant declare dividend...
Sorry to ask again but it is still not clear to me as to the following
1. FS signed by CA is a must to convene AGM
2. Dividend is declared on that AGM as recomended by BOD
3. Then how can we made a provision in a balance sheet of all such fomailities are completed
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