I am working on a Company which has passed a Declaration of Trust as at 31 December 2009 stating that as from that date all of its assets and liabilities are to be held in trust for another entity. In other words, the Company will become a 'bare nominee'.
I am to prepare the Company's statement of financial position after the Declaration of Trust takes effect. The statement of financial position is to reflect the reality that the Company has no assets or liabilities, however the Company still has its own equity (share capital).
Is it possible for a statement of financial position show only equity and nil assets or liabilities?
No one that I have talked to has ever come across this before...
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Topic: Statement of Financial Position problem
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