Financial statements

last year records shown in current year only for comparison in most of the caes .....then in first year there is no such record ....then I dont think so its necessary......

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.

Dear Souvik

you may show the Zero value in the previous year column