30 November 2012
Dear All I need to know the applicability of AS- 3 viz. cash flow statments. Suppose a company is having a turnover of Rs. 75 crores in the f. y. 2011-12 and Rs. 45 crores in the f. y. 2010-11. Do the company need to prepare cash flow statements for the f. y. 2011-12 or not ?
30 November 2012
All commercial, industrial and business reporting enterprises, whose turnover for the immediately preceding accounting period on the basis of audited financial statements exceeds Rs. 50 crore, are required to prepare cash flow statement. Accordingly, in my openion you are not required to prepare cash flow for the current year even though the turnover exceeds Rs. 50 crores in the current year
CAclubindia
