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Can any one tell me about disclosures required in financial statements for the first year from incorporation of a company.
Further more, if all costs have been capitalized and there is no income or expense for the year, then whether it is necessary to prepare a nil profit and loss account or there is no need to do so.
It is very urgent kindly reply as soon as possible.
yes as per companies ordinance every company is required to prepare its financials which includes p/l and b/s . for details please consult section 234 of companies ordinance 1984
and for first year there will be no comparative figures and you'll need to put a note regarding the fact that it's company's first year of operation, about its incorporation, business etc etc.
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