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First year accounting
 
hi,
Can any one tell me about disclosures required in financial statements for first year from incorporation of a company.
 
if all costs have been capitalized and there is no income or expense in the first year, then whether it is necessary to prepare a profit and loss account or there is no need to do so.
 
capitalization of income and expenditure in first year is now restricted in many counteries. you have to prepare profit and loss account
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