The financial statements prepared only for a specific purpose or users are known as special purpose financial statements. For example, a particular project, based on a cash basis, etc.

Those charged with Governance are the persons accountable for strategic decisions on operation and financial reporting of the entity. In case of a company, usually, the Board of Directors are the TCWG. The board includes non-executive and part-time directors.

The management is the executive body for the decision taken by the TCWG. For example, the TCWG is responsible for preparing the financial statements under IFRS but the management actually prepares the financial statements.

"The Conceptual Framework for Financial Reporting" is the guidance for the objective of, and the concepts for, general purpose financial reporting. This framework includes the following:

• International Financial Reporting Standards (IFRS).
• Statues and regulations such as per state law.
• Professional and ethical standards related to the accounting matters.
• General industry practices.
• Accounting literature.

When we are engaging the auditor to perform an audit on financial statements and give an opinion, it adds credibility to the fiscal health of the company in front of its stakeholders.

the company needs to get the accounts audited by an independent auditor and produce the audited financial statements prepared in IFRS.

The company’s financial year can be determined by its directors and mentioned in its Articles of Association. Generally, the company’s first financial year shall not exceed 18 (eighteen) months, but at least 6 (six) months, to be calculated from the date of registration of the company. The subsequent financial years shall consist of consecutive periods, each of 12 months commencing directly upon the expiry of the preceding financial year.