Important Points for IC 89 - Management Accounting Exam
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Section 129 of the Act 2013 states that: The financial statements shall give a true and fair view of the state of affairs of the company or companies, comply with the accounting standards notified under Section 133 and shall be in the form or forms as may be provided for different class or classes of companies in Schedule III.
At every annual general meeting of a company, the Board of Directors of the company shall lay before such meeting financial statements for the financial year.
Section 210 of the Companies Act, 1956 requiring the preparation and presentation of the Board of Directors fo the Company shall lay at every annual general meeting of the company: A balance sheet as at the end of the period, A profit and loss account for the period.
The following are the basic requirement of IAS 1: A statement of financial position at the end of the period, A statement of comparative income for the period, A statement changes in equity for the period, Notes comprising a summary of accounting policies and other explanatory notes.
Schedule III contains General instructions for preparation of Balance sheet and statement of Profit and Loss of a company.
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