Quick Answer: What Do You Mean By Statutory Report?

What is the meaning of statutory audit?

A statutory audit is a legally required review of the accuracy of a company’s or government’s financial statements and records.

An audit is an examination of records held by an organization, business, government entity, or individual, which involves the analysis of financial records or other areas..

How do you do financial reporting?

Here are the types of financial statements and tips on how to create them:Balance Sheet. … Income Sheet. … Statement of Cash Flow. … Step 1: Make A Sales Forecast. … Step 2: Create A Budget for Your Expenses. … Step 3: Develop Cash Flow Statement. … Step 4: Project Net Profit. … Step 5: Deal with Your Assets and Liabilities.More items…

What are minutes of a meeting?

Minutes are a tangible record of the meeting for its participants and a source of information for members who were unable to attend. In some cases, meeting minutes can act as a reference point, for example: when a meeting’s outcomes impact other collaborative activities or projects within the organization.

How statutory meeting is different from annual general meeting?

The main difference between an Annual General Meeting and a Statutory Meeting is that the former is held in both public and private companies at least once every year. … While a Statutory Meeting of a public company must be held within not more than one month and not more than six months.

What is statutory report in company law?

What is a Statutory Report. According to Companies Act 1956, a report is prepared by the board of directors of every public limited company and forward the same to its every shareholder, called statutory report, at least 21 days before the day on which the statutory meeting is to be held.

Who can call extraordinary general meeting?

An extraordinary general meeting can be called by a: committee member (if approved by the majority of voting committee members) or. written request signed by at least 25% of lot owners or their representatives or. person authorised by an adjudicator’s order.

What is a company meeting?

Company meeting – Essentials, Kinds A meeting therefore, can be defined as a lawful association, or assembly of two or more persons by previous notice for transacting some business. The meeting must be validly summoned and convened. Such gatherings of the members of companies are known as company meetings.

What is the meaning of statutory?

1 : of or relating to statutes. 2 : enacted, created, or regulated by statute a statutory age limit.

What is the difference between statutory and GAAP accounting?

Statutory Accounting Principles, also known as SAP, are used to prepare the financial statements of insurance companies. … On the other hand, Generally Accepted Accounting Principles or GAAP provides a common set of accounting standards, procedures and rules that are defined by the professional accountancy body.

What are the three types of meetings?

The six general types of meetings:Status Update Meetings.Information Sharing Meetings.Decision Making Meetings.Problem Solving Meetings.Innovation Meetings.Team Building Meetings.

What are the different kinds of company meetings?

4 types of company meetings are;Statutory meeting,Annual general meeting,Extraordinary general meeting,Class meetings.

What are the objects of statutory meeting?

The main objective of the statutory meeting is to make the members familiar with the matters regarding the promotion and formation of the company. The shareholders receive particulars related to shares taken up, moneys received, contracts entered into, preliminary expenses incurred, etc.

What is statutory meeting why is it called?

Statutory meeting is the meeting of shareholders of a company. According to Sec 165 of the companies act, every public limited by sharesor limited by guarantee, having share capital must hold this meeting. … To inform the shareholders of any contract entered into by the company. Appoint office bearers.

What is an AGM meeting?

An Annual General Meeting, commonly referred to as an AGM, is a formal meeting which is held once a year. … Although it is a formal meeting, it can also be a good opportunity to communicate with members, clients, partners and other interested parties.

What are types of meeting?

6 Types of Business Meetings for Better Efficiency & CommunicationStatus Update Meetings. … Decision-Making Meetings. … Problem-Solving Meetings. … Team-Building Meetings. … Idea-Sharing Meetings. … Innovation Meetings.

What is the general purpose of financial reporting?

The objective of general purpose financial reporting is to provide financial information about the reporting entity that is useful to existing and potential investors, lenders, and other creditors in making decisions about providing resources to the entity (e.g. providing loans to the entity or buying equity …

What is statutory report and its contents?

Contents of a Statutory Report The statutory report contains information relating to: 1. Shares allotted: The total number of shares allotted distinguishing those allotted as fully paid up, partly paid up, shares issued for consideration other than cash etc.

Why is statutory reporting important?

Statutory reporting is a core regulatory requirement, often with significant attention from investors, auditors and management, therefore the accuracy and timely completion of reporting is imperative. Availability and cost of quality accounting staff to focus on the preparation of reports.