Financial statements for first year of operation

First year financials year are governed by all the standards and guidelines as applicable to other financial statements. However, reporting year may be less than the financial year, previous year figures shall be nil. And a note shall be given that since it is the first FY of the co. so PY figures are nil.

Thanks Sandeep, also wanted to know if there is rule that states financials can be prepared upto 18 months for the first time?

As per companies act, in case of first year of a company FY may be upto 18 months and in other cases it can not exceed 15 months. ROC approval required in both the cases.