FreeComplianceFinancial statements of a private company: what they include
Every company prepares financial statements each year, gets them audited, adopts them at the AGM and files them in AOC-4. Their format and content are fixed by law, so they look broadly the same across companies.
What they include
- Balance sheet as at 31 March
- Statement of profit and loss
- Cash flow statement (not required for small companies, OPCs and dormant companies)
- Statement of changes in equity, where applicable
- Notes, including significant accounting policies
The format is set by Schedule III of the Companies Act. Most private companies follow the Accounting Standards (AS); larger ones and those in certain groups follow Ind AS.
Approval and signing
- 1.Prepared by management after closing the books.
- 2.Audited by the statutory auditor.
- 3.Approved by the board and signed by at least two directors (or one for an OPC), plus the CEO, CFO and CS where appointed.
- 4.Adopted by shareholders at the AGM.
- 5.Filed with the Registrar in AOC-4 within 30 days.
Frequently asked questions
This guide is general information, not legal advice. Government fees and procedures change; confirm current figures before you file.
- AOC-4: filing financial statements with the ROC
What AOC-4 is, due date, attachments, who signs it, AOC-4 XBRL and CFS variants, and late fees.
- Directors' report: what a private company must include
Contents of the board's report under Section 134 for small private companies, with the abridged option and who signs it.
- Books of accounts a company must keep under Section 128
What books of accounts a company must maintain, for how long, where they must be kept, and the audit trail requirement for accounting software.