Ind AS 1: Presentation of Financial Statements#
Complete Set of Financial Statements#
- Balance Sheet (Statement of Financial Position)
- Statement of Profit and Loss
- Statement of Changes in Equity
- Statement of Cash Flows
- Notes to Financial Statements
General Features#
Going Concern
- Assume entity will continue operations
- Disclose if material uncertainty exists
Accrual Basis
- Transactions recognized when they occur
- Not when cash received or paid
Materiality and Aggregation
- Material items not aggregated
- Immaterial items not separated
Offsetting
- Not permitted unless required by standard
Structure of Financial Statements#
Balance Sheet
- Current assets and liabilities
- Non-current assets and liabilities
- Equity and reserves
Statement of Profit and Loss
- Revenue from operations
- Other income
- Expenses
- Profit before tax
- Tax expense
- Profit for the period
Statement of Changes in Equity
- Share capital
- Reserves and surplus
- Money received against share warrants
Disclosure Requirements#
- Reporting entity information
- Statement of compliance with Ind AS
- Accounting policies
- Comparative information
- Non-owner changes in equity
Notes to Accounts#
- Basis of preparation
- Significant accounting policies
- Other disclosures