Legal Requirements for publish account of companies

The law (CAMD 1990) states what should be reported. For example, section
335 of the Decree provides that the financial statements of a company shall among
other things comply with accounting standards laid down in the statements of
Accounting standards, provided that such accounting standards do not conflict
with the provisions of this or schedule 2 to this Decree.

Accounting to section 334 (2), of CAMD 1990, subject to subsection (3)
of this section, the financial statements required under subsection (1) of this
section shall include: –
(a)      Statement of the
accounting polices
(b)      The balance sheet as the
last day of the year
(c)       A profit and loss account
or, in the case of company not trading for profit, an income and expenditure
account for the year;
(d)      Notes on the account;
(e)       The auditors reports
(f)        The director’s report
(g)      A statement of the source
and application of fund;
(h)       A value added statement
for the year
(i)        A five – year financial
summary; and
(j)        In the case of a holding
company, the group financial statements.
However, the financial statements of a private company need not include
the matters stated in paragraphs (a), (g), (h) and (k) of subsection (2) of
this section.
According to section 335 (2) of CAMD 1990, the balance sheet shall give
a true and fair view of the sate of affairs of the company as at the end of the
year, and the profit and loss account shall give a true and fair view of the
profit or loss of the company for the year.
The statement of the source and application of funds provides
information on the generation and utilization of funds by the company during
the year.
The value added statement reports the wealth created by the company
while the five year financial summary provides a report for a comparison over a
period of five years of more of vital financial information.

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