CA Test Series
The Board of Directors of XYZ Ltd., in its meeting on 5th May, 20X1, reviews and approves the financial statements for the year ended 31st March, 20X1, and issues them to the shareholders. The financial statements are adopted by the shareholders in the annual general meeting on 23rd June, 20X1.
IN illustration 1 of study material it is stated that date of approval of balancesheet is when the board has approved but the answer in this q is said that : The date of approval for issue depends on the date when the supervisory board approves the financial statements.
