Am i required to show last years column in the financial statements of a comapny in the in its first year?
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Financial statements
Replies (5)
Dear Souvik,
It depends upon the company or identity being audited.
if it is a company then, it is mandatory to disclose the last years balance, as per the requirements of Sch. VI of companies act 1956. Moreover it is more prudent to disclose it. As it helps the business analyst in decision making.
How one can show last year figures if the entity is in first year itself??? Last year figures are shown for comparison and hence need not to be shown for the entities in its first year.
| Originally posted by : Akhil Maangal | ||
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How one can show last year figures if the entity is in first year itself??? Last year figures are shown for comparison and hence need not to be shown for the entities in its first year. |
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Dear Souvik
you may show the Zero value in the previous year column
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