2.20 What is the effect on the financial statements of the selection that the entity is a DORMANT company?
A. The following sections will be affected on selecting that the entity is a DORMANT company:
The following sections are skipped
• Independent auditor's report
• Statement of profit or loss and other comprehensive income
• Statement of changes in equity
• Cash flow statement
• Additional information to the Statement of profit or loss and other comprehensive income
• All references to ‘Dividends’
• Letter of representations
• Minutes of the AGM
Report of the Board of Directors
Reference is made in the principal activities that the company is dormant
The following parts are skipped:
• Review of current position, future developments and significant risks
• Dividends
• Independent Auditor
Accounting policies
The following are skipped by default:
• Revenue recognition
• Impairment of assets
Notes to the financial statements
The following are skipped by default:
• Financial risk management
• Expenses by nature
• Tax
Directors’ letter to the Registrar of Companies
This additional letter is prepared confirming that the Company is a small sized company
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