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Ind-AS 1: Presentation of Financial Statements (Concepts related with…
Ind-AS 1: Presentation of Financial Statements
Concepts related with Financial statements
Going Concern
Entity will continue in near future
Accrual
Consistency
Accounting policy should be same for reporting periods
Comparatives
2 sets of financial statements (CY + PY)
3 sets of B/s if any retrospective treatment is done
as per Ind-AS 8 (CY+PY+Period of such change)
Off-setting
Only if permitted by respective Ind-AS
Explicit & Unreserved statement
FS should contain the statement
that entity has applied all Ind-AS
Materiality & Aggregation
Items should be shown separately if they are material
(either individually or grouped with other similar items)
Line items in FS are from aggregating similar transactions
Frequency of reporting
At least annually
Financial Statements
B/s
P/L
SOCE
CFS
PY comparative info
B/s for beginning of period of
retrospective
treatment
Notes to accounts