What does statutory financial statements mean?
Statutory Financial Statements means financial statements required to be filed by the Operating Subsidiaries with insurance regulatory authorities under applicable insurance regulatory laws, including the Annual Financial Statement and the Quarterly Financial Statements for each such Operating Subsidiary.
What is the difference between stat and GAAP?
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 does statutory mean in accounting?
statutory accounts means the accounts that the licensee prepares under the Companies Act 1985 (as amended by the Companies Act 1989). statutory accounts means the accounts to be prepared by the licensee under the Companies Act 1985.
What are non statutory accounts?
‘Non-statutory accounts’ are accounts or other published financial information that are not the company’s statutory accounts (e.g. simplified accounting information such as an account in any form claiming to be a balance sheet or profit and loss account relating to the financial year of a company or group).
Who is liable for statutory audit?
For LLP: Statutory audit is applicable if turnover in any financial year exceeds Rs. 40 Lakhs or its contribution exceeds Rs. 25 Lakhs. 2.
What are non-statutory accounts?
What is included in statutory accounts?
Statutory accounts must include:
- a ‘balance sheet’, which shows the value of everything the company owns, owes and is owed on the last day of the financial year.
- a ‘profit and loss account’, which shows the company’s sales, running costs and the profit or loss it has made over the financial year.
- notes about the accounts.
What are the examples of non-statutory record?
Non-statutory records are of private use to schools that find them useful. These include: cash book, stock book, punishment book, school calanedar, inventory book, staff minutes book, school magazine, inspection/supervision report file, confidential report forms and requisition book.