Definition of Financial Statement as per Section 2(40)
of Indian Companies Act 2013-
Section (40) financial
statement in relation to a company, includes
(i) a balance sheet as at the end of the financial year;
(ii) a profit and loss account, or in the case of a company carrying on any activity not for profit, an income and expenditure account for the financial year;
(iii) cash flow statement for the financial year;
(iv) a statement of changes in equity, if applicable;
and
(v) any explanatory note annexed to, or forming part of, any document referred to in sub-clause (i) to sub-clause (iv):
Provided that the financial statement, with respect
to One Person Company, small company and dormant
company, may not include the cash flow statement;
Definition of
Financial Statement as per Section 2(41) of Indian Companies
Act 2013
Section (41) financial year, in relation to any company
or body corporate, means the period ending on the 31st
day of March every year, and where it has been
incorporated on or after the 1st day of January of a
year, the period ending on the 31st day of March of the
following year, in respect whereof financial statement
of the company or body corporate is made up:
Provided that on an application made by a company or
body corporate, which is a holding company or a
subsidiary of a company incorporated outside India and
is required to follow a different financial year for
consolidation of its accounts outside India, the
Tribunal may, if it is satisfied, allow any period as
its financial year, whether or not that period is a
year:
Provided further that a company or body corporate,
existing on the commencement of this Act, shall, within
a period of two years from such commencement, align its
financial year as per the provisions of this clause;