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+--- 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.