{"id":2633,"date":"2019-11-12T15:31:28","date_gmt":"2019-11-12T10:01:28","guid":{"rendered":"https:\/\/aktassociates.com\/blog\/?p=2633"},"modified":"2020-03-30T14:26:09","modified_gmt":"2020-03-30T08:56:09","slug":"financial-statement-requirements-types-importance-penalty","status":"publish","type":"post","link":"https:\/\/aktassociates.com\/blog\/financial-statement-requirements-types-importance-penalty\/","title":{"rendered":"Financial Statement for Company &#8211; Requirements, Types, Importance, Penalty"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">In this article, we will discuss in detail the financial Statements of the company and its requirements and compliances under the provisions of the <a href=\"https:\/\/aktassociates.com\/blog\/incorporation-of-company\/\">companies act,2013<\/a>.<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-2625 aligncenter\" src=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/11\/Financial-Statement.png\" alt=\"Financial Statement\" width=\"700\" height=\"400\" srcset=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/11\/Financial-Statement.png 700w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/11\/Financial-Statement-300x171.png 300w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/11\/Financial-Statement-20x11.png 20w\" sizes=\"(max-width: 700px) 100vw, 700px\" \/><\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_66_1 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >In this article, we will discuss about...<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #1e73be;color:#1e73be\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #1e73be;color:#1e73be\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/aktassociates.com\/blog\/financial-statement-requirements-types-importance-penalty\/#Financial_Statement\" title=\"Financial Statement\">Financial Statement<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/aktassociates.com\/blog\/financial-statement-requirements-types-importance-penalty\/#Requirements_of_a_Financial_Statement\" title=\"Requirements of a Financial Statement\">Requirements of a Financial Statement<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/aktassociates.com\/blog\/financial-statement-requirements-types-importance-penalty\/#Types_of_Financial_Statements\" title=\"Types of Financial Statements\">Types of Financial Statements<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/aktassociates.com\/blog\/financial-statement-requirements-types-importance-penalty\/#Importance_of_Financial_Statements\" title=\"Importance of Financial Statements\">Importance of Financial Statements<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/aktassociates.com\/blog\/financial-statement-requirements-types-importance-penalty\/#Financial_Statement_for_Personal_financing\" title=\"Financial Statement for Personal financing\u00a0\">Financial Statement for Personal financing\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/aktassociates.com\/blog\/financial-statement-requirements-types-importance-penalty\/#Non-Application_of_Sec-129_Financial_Statement\" title=\"Non-Application of Sec-129 (Financial Statement)\">Non-Application of Sec-129 (Financial Statement)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/aktassociates.com\/blog\/financial-statement-requirements-types-importance-penalty\/#Penalty\" title=\"Penalty\">Penalty<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Financial_Statement\"><\/span><strong>Financial Statement<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Financial Statements are the annual statements or records prepared at the end of the accounting period or financial year by complying with the consistent accounting principles, accounting standards, etc., Financial Statements represent the financial performance and financial strength of the company. Many users rely on the financial statements to draw a conclusion on the profitability and financial position of the company.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Requirements_of_a_Financial_Statement\"><\/span><strong>Requirements of a Financial Statement<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Financial Statements is required to be prepared in a manner which gives true and fair view of the state of affairs of the company or companies, and the same should comply with the accounting standards notified under section 133 and shall be in the form or forms as prescribed in the Schedule III of the companies act and such financial statements should be disclosed in the<a href=\"https:\/\/aktassociates.com\/blog\/annual-general-meeting-under-companies\/\"> Annual General Meeting (AGM).<\/a><\/span><\/p>\n<p><span style=\"font-weight: 400;\">In case of a Holding company, it is required to prepare a consolidated financial statement in accordance with the applicable accounting standards and schedule III of the companies act, 2013 for the company along with that of its subsidiaries, joint ventures, associate company and should disclose the same at the annual general meeting.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Types_of_Financial_Statements\"><\/span><strong>Types of Financial Statements<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Financial Statements consists of the following<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Profit and Loss Account (Statement of Performance)<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Balance Sheet (Statement of Financial Position)<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Cash Flow and Fund Flow Statement (Statement of movement of funds)<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">And also includes\u00a0<\/span>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Notes to accounts,\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">supplementary schedules and any other information which forms part of such statements.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Statement of Changes in Equity (for prescribed companies).<\/span><\/li>\n<\/ul>\n<\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">And excludes<\/span>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Director\u2019s report<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Statements of chairman and management and any other similar items.<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Importance_of_Financial_Statements\"><\/span><b>Importance of Financial Statements<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Financial Statements are the watchdog of the company\u2019s Financial Condition<\/span> <span style=\"font-weight: 400;\">It has its own relevance that helps the Stakeholders to interpret the actual Financial result of the Industry or company. The tools used in such analysis namely, Ratios (comparison depend upon industry to industry) or Trial balance and Ledger. These are the tools that help not only stakeholders to determine result but also assist the Management of the company with respect to certain particulars of Financial Statement or a part of the Financial Statement.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Financial_Statement_for_Personal_financing\"><\/span><b>Financial Statement for Personal financing\u00a0<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Among all the financial statement, the personal cash flow statement and the personal balance sheet are the two most important personal financial statements, if the user is considering the Financial Statement for its own financing<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Non-Application_of_Sec-129_Financial_Statement\"><\/span><strong>Non-Application of Sec-129 (Financial Statement)<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">The provisions of section 129- Financial statement shall not be applicable to the following<\/span><span style=\"font-weight: 400;\"> company which has its own Act for preparation of its Financial Statement<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Insurance Company-governed by the Insurance Act, 1938, or the Insurance Regulatory and Development Authority Act, 1999<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Banking Company governed by the Banking Regulation Act, 1949<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">A company engaged in the generation or supply of electricity which is governed <\/span><span style=\"font-weight: 400;\">under the Electricity act<\/span><span style=\"font-weight: 400;\">, 2003\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Any other company governed under any other law for the time being in force.<\/span><\/li>\n<\/ul>\n<h2><a href=\"https:\/\/aktassociates.com\/start-a-business\/private-limited-company-registration\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-2057 aligncenter\" src=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/09\/Register-Your-company.png\" alt=\"company registration\" width=\"700\" height=\"150\" srcset=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/09\/Register-Your-company.png 700w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/09\/Register-Your-company-300x64.png 300w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/09\/Register-Your-company-20x4.png 20w\" sizes=\"(max-width: 700px) 100vw, 700px\" \/><\/a><\/h2>\n<h2><span class=\"ez-toc-section\" id=\"Penalty\"><\/span><strong>Penalty<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">In case of contravention to <\/span><span style=\"font-weight: 400;\">any of the provisions of section 129 of the companies act,\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">the managing director, whole-time director, Chief financial officer or any other officer appointed to comply with the provisions of section 129 or<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">in case of absence of such person, all the directors\u00a0<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">shall be punishable with imprisonment which may extend to one year or punishable with fine which shall not be less than Rs.50,000\/-, but which may extend to Rs.5,00,000\/- or punishable with both.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>In this article, we will discuss in detail the financial Statements of the company and its requirements and compliances under &#8230; <\/p>\n<p class=\"read-more-container\"><a title=\"Financial Statement for Company &#8211; Requirements, Types, Importance, Penalty\" class=\"read-more button\" href=\"https:\/\/aktassociates.com\/blog\/financial-statement-requirements-types-importance-penalty\/#more-2633\">Read more<span class=\"screen-reader-text\">Financial Statement for Company &#8211; Requirements, Types, Importance, Penalty<\/span><\/a><\/p>\n","protected":false},"author":4,"featured_media":2624,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[10],"tags":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Financial Statement for Company - Requirements, Types &amp; Penalty<\/title>\n<meta name=\"description\" content=\"Financial Statements are the annual statements or records prepared at the end of the accounting period or financial year by complying with the consistent accounting principles, accounting standards, etc.,\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/aktassociates.com\/blog\/financial-statement-requirements-types-importance-penalty\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Financial Statement for Company - Requirements, Types &amp; 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