Accounting Standards in India - the Future

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Presentation of Financial Statements

Indian Accounting Standard (Ind AS) 1

Presentation of Financial Statements
Contents
Paragraphs OBJECTIVE SCOPE DEFINITIONS FINANCIAL STATEMENTS Purpose of financial statements Complete set of financial statements General features Presentation of True and Fair View and compliance with Ind ASs Going Concern Accrual Basis of Accounting Materiality and Aggregation Offsetting Frequency of reporting Comparative Information Consistency of Presentation STRUCTURE AND CONTENT Introduction Identification of the financial statements Balance Sheet 1 2–6 7-8A 9-46 9 10-14 15-46 15-24 25-26 27-28 29-31 32-35 36-37 38-44 45-46 47-138 47-48 49-53 54-80A

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Indian Accounting Standards

Information to be presented in the balance sheet Current/non-current distinction Current assets Current liabilities Information to be presented either in balance sheet or in the notes Statement of profit and loss Information to be presented in the statement of profit and loss Profit or loss for the period Other comprehensive income for the period Information to be presented in the statement of profit and loss or in the notes Statement of changes in equity Statement of cash flows Notes Structure Disclosure of accounting policies Sources of estimation uncertainty Capital Puttable financial instruments classified as equity Other disclosures APPENDICES A 1 References to matters contained in other Indian Accounting Standards (Ind ASs) Comparison with IAS 1, Presentation of Financial Statements

54-59 60-65 66-68 69-76 77-80A 81-105 82-87 88-89 90-96 97-105 106-110 111 112-138 112-116 117-124 125-133 134-136 136A 137-138

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Presentation of Financial Statements

Indian Accounting Standard (Ind AS) 1

Presentation of Financial Statements
(This Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Paragraphs in bold type indicate the main principles).

Objective
1 This Standard prescribes the basis for presentation of general purpose financial statements to ensure comparability both with the entity’s financial statements of previous periods and with the financial statements of other entities. It sets out overall requirements for the presentation of financial statements, guidelines for their structure and minimum requirements for their content.

Scope
2 An entity shall apply this Standard in preparing and presenting general purpose financial statements in accordance with Indian Accounting Standards (Ind ASs). 3 Other Ind ASs set out the recognition, measurement and disclosure requirements for specific transactions and other events. 4 This Standard does not apply to the structure and content of condensed interim financial statements prepared in accordance with Ind AS 34 Interim Financial Reporting. However, paragraphs 15–35 apply to such financial statements. This Standard applies equally to all entities, including those that present consolidated financial statements and those that present separate financial statements as defined in Ind AS 27 Consolidated and Separate Financial Statements.

3

Indian Accounting Standards

5 This Standard uses terminology that is suitable for profit-oriented entities, including public sector business entities. If entities with notfor-profit activities in the private sector or the public sector apply this Standard, they may need to amend the descriptions used for particular line items in the financial statements and for the financial statements themselves. 6 Similarly, entities whose share capital is not equity may need to adapt the financial statement presentation of members’ interests.

Definitions
7 The following terms are used in this Standard with the meanings specified: General purpose financial statements (referred to as ‘financial statements’) are those intended to meet the needs of users who are not in a position to require an entity to prepare reports tailored to their particular information...
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