Generally we come across a statement in the notes to account that previous years figures have been re-grouped and re-arranged wherever considered necessary. I wish to ask whether there is any set criteria for regrouping of accounts or the companies are free to regroup the figures as per its own requirements? How can the company legally substantiate its way of reclassification or regrouping of previous years figures?
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Previous years figures have been re-grouped and re-arranged
Replies (1)
Yes, it is required to be arranged only in accordance with its governing statute.
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