Tag Archives | Preparation

Preparation of Financial Statements

After reading this article you will learn about the preparation of financial statements. Financial Statements: As per IFRSs financial statements comprise of Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and related notes to accounts. Statement of Compre­hensive Income has two sub-components – Statement of Income […]

General Instructions for Preparation of Balance Sheet

In this article we will discuss about the General Instructions for Preparation of Balance Sheet. A. Current Assets: 1. An asset shall be classified as current when it satisfies any of the following criteria; (a) It is expected to be realized in, or is intended for sale or consumption in, the company’s normal operating cycle; […]

Statement of Affairs under Liquidation

The officers and directors of a company under liquidation must, according to section 454 read with section 511 A, make out and submit, within 21 days of the Tribunal’s order (or within such extended time, not exceeding 3 months, as the liquidator or the Tribunal may allow), a statement showing the following:— (a) The assets […]

How to Prepare Funds Flow Statement?

The below mentioned article will guide you about how to prepare funds flow statement. In order to prepare funds flow statement, on total resources basis, successive balance sheet are compared and changes in each balance sheet item is recorded and further designated as a source of funds or a use of funds. The comparison of […]

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