Accounting Standards in India - the Future
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
1
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
2
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
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
1
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
2
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