First years financial statements - Printable Version +- Accountancy Forum (https://www.accountancy.com.pk/forum) +-- Forum: The Profession (https://www.accountancy.com.pk/forum/forumdisplay.php?fid=4) +--- Forum: Accounting and Audit (https://www.accountancy.com.pk/forum/forumdisplay.php?fid=7) +--- Thread: First years financial statements (/showthread.php?tid=10679) |
First years financial statements - khurram.827 - 01-19-2012 Dear, 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. - insaan - 01-31-2012 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. |