sovereign state

Normally every sovereign state provides a legal framework to decide about the accounting year. Every entity carrying on a business is required to prepare the final accounts as understood by us for pre-defined accounting year. [More...] Besides annual report to various stakeholders, collection of tax revenue is also based on this pre-determined accounting year. In India, such an accounting year is financial year starting from 1st April and ending on 31st March. Earlier in.. Full Article