Comparatives for first time applicability of AS.

This query is : Resolved

Randeep Singh (Querist)
Follow

11 July 2009 Dear Colleagues,

In case any AS become first time appliacble for any FY,do we need to provide comparative figure of last year also. e.g if turnover crosses 50 crores for FY 2008-09, do we need to prepare Cash flow for FY2007-08 also.

If not pls provide some notification/circular/Expert Advisory opinion reference.

CA. B.SRINIVASULU

CA. B.SRINIVASULU (Expert)
Follow

11 July 2009 There are two options.

One you can prepare for last year.

Second option give in notes to accounts and in the bottom of the cash flow that for last year preparation of cash flow was not mandatory.