MARATHON / ONE SHOT /
SUPER REVISION
Advanced Accounting PART 1
By – Nitin Goe
, CA INTER MARATHON (SUPER REVISION/ONE SHOT)
ADVANCED ACCOUNTING
S.NO. CHAPTER NAME
1 Financial Statement of Companies
2 Cash Flow Statement (AS 3)
3 BuyBack of Securities
4 Internal Reconstruction
5 Amalgamation (incl. AS 14)
6 Branch Accounting
7 Framework for Preparation & Presentation of Financial Statem
8 Introduction & Applicability of AS
, Financial Statement of
Companies
Advanced Accounting Lecture - 01
By – Nitin Goe
, CA NITIN GOEL FINANCIAL STATEMENTS OF COMPANIES
“Stop being afraid of what could go wrong and focus on what could go right”
MAINTENANCE OF BOOKS OF ACCOUNTS
Every company shall prepare book on accrual basis and according to the double entry system
of accounting.
PREPARATION OF FINANCIAL STATEMENTS
The Board of Directors of the company shall lay financial statements at every annual general
meeting of a company which include:
a) Balance Sheet as at the end of the period, and
b) Profit and Loss Account for that period.
[Note: For a Company not carrying on business for profit, an Income and Expenditure
Account shall be laid at that AGM, instead of the P & L Account.]
c) Cash flow statement for the financial year
d) Statement of changes in equity, if applicable; and
e) Any explanatory note annexed to, or forming part of, any document referred above
Provisions Applicable
(1) Specific Act is Applicable
For instance any
a) Insurance company
b) Banking company or
c) Any company engaged in generation or supply of electricity or
d) Any other class of company for which a Form of balance sheet or Profit and loss
account has been prescribed under the Act governing such class of company
(2) In case of all other companies
Balance Sheet as per Form set out in Part I of Schedule III and Statement of Profit and Loss
as per Part II of Schedule III
Division Applicable to
Division I Companies that are required to apply Accounting Standards notified under
Section 133 of the Companies Act, 2013.
Division II Companies that are required to apply Indian Accounting Standards notified
under Section 133 of the Companies Act, 2013.
Division III Non-Banking Finance Companies (NBFCs) that are required to apply Indian
Accounting Standards notified under Section 133 of the Companies Act, 2013.
Depending upon the Total Income of the company, the figures appearing in the Financial
Statements shall be rounded off as given below:
Total Income Rounding Off
(a) Less than 100 crore rupees To the nearest hundreds, thousands, lakhs or
millions, or decimals thereof
(b) 100 crore rupees or more To the nearest lakhs, millions or crores,
or decimals thereof.
Page 1
SUPER REVISION
Advanced Accounting PART 1
By – Nitin Goe
, CA INTER MARATHON (SUPER REVISION/ONE SHOT)
ADVANCED ACCOUNTING
S.NO. CHAPTER NAME
1 Financial Statement of Companies
2 Cash Flow Statement (AS 3)
3 BuyBack of Securities
4 Internal Reconstruction
5 Amalgamation (incl. AS 14)
6 Branch Accounting
7 Framework for Preparation & Presentation of Financial Statem
8 Introduction & Applicability of AS
, Financial Statement of
Companies
Advanced Accounting Lecture - 01
By – Nitin Goe
, CA NITIN GOEL FINANCIAL STATEMENTS OF COMPANIES
“Stop being afraid of what could go wrong and focus on what could go right”
MAINTENANCE OF BOOKS OF ACCOUNTS
Every company shall prepare book on accrual basis and according to the double entry system
of accounting.
PREPARATION OF FINANCIAL STATEMENTS
The Board of Directors of the company shall lay financial statements at every annual general
meeting of a company which include:
a) Balance Sheet as at the end of the period, and
b) Profit and Loss Account for that period.
[Note: For a Company not carrying on business for profit, an Income and Expenditure
Account shall be laid at that AGM, instead of the P & L Account.]
c) Cash flow statement for the financial year
d) Statement of changes in equity, if applicable; and
e) Any explanatory note annexed to, or forming part of, any document referred above
Provisions Applicable
(1) Specific Act is Applicable
For instance any
a) Insurance company
b) Banking company or
c) Any company engaged in generation or supply of electricity or
d) Any other class of company for which a Form of balance sheet or Profit and loss
account has been prescribed under the Act governing such class of company
(2) In case of all other companies
Balance Sheet as per Form set out in Part I of Schedule III and Statement of Profit and Loss
as per Part II of Schedule III
Division Applicable to
Division I Companies that are required to apply Accounting Standards notified under
Section 133 of the Companies Act, 2013.
Division II Companies that are required to apply Indian Accounting Standards notified
under Section 133 of the Companies Act, 2013.
Division III Non-Banking Finance Companies (NBFCs) that are required to apply Indian
Accounting Standards notified under Section 133 of the Companies Act, 2013.
Depending upon the Total Income of the company, the figures appearing in the Financial
Statements shall be rounded off as given below:
Total Income Rounding Off
(a) Less than 100 crore rupees To the nearest hundreds, thousands, lakhs or
millions, or decimals thereof
(b) 100 crore rupees or more To the nearest lakhs, millions or crores,
or decimals thereof.
Page 1
