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Please provide summary on Ind AS 1 - Presentation of Financial Statements

Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 Prity asked over 2 years ago

Please provide summary on Ind AS 1 - Presentation of Financial Statements

    13       1 Answer Now Comment Report
2 Answers
Data?1494421730 rohit awasthi answered over 2 years ago

Dear Friend > Ind AS 1 - Presentation of Financial Statements The objective of financial statements is to provide information that is useful in making economic decisions. This standard prescribes the basis for the presentation of general purpose financial statements in order to ensure comparability both with the entity’s financial statements of previous periods and with those of other entities. It sets out overall requirements for the presentation of financial statements, guidelines for their structure and minimum requirements for their content. Financial statements are prepared on a going concern basis unless management intends to either liquidate the entity or to cease trading, or has no realistic alternative but to do so. Management prepares its financial statements, except for cash flow information, under the accrual basis of accounting. There are minimum disclosures to be made in the financial statements and in the notes under Ind AS. An entity shall present a single statement of profit and loss, with profit and loss and other comprehensive income presented in separate sections within the same statement. The sections shall be presented together with the profit and loss section presented first, followed directly by the other comprehensive section. An entity shall present, with equal prominence, all of the financial statements in a complete set of financial statements. Financial statements disclose corresponding information for the preceding period, unless a standard or interpretation permits or requires otherwise. Ind AS 1 specifies that the following items, as a minimum, are presented on the face of the balance sheet: 1. Assets: Property, plant and equipment; investment property; intangible assets; financial assets; investments accounted for using the equity method; biological assets; deferred tax assets; current tax assets; inventories; trade and other receivables; and cash and cash equivalents 2. Equity: Issued capital and reserves attributable to the parent’s owners; and non-controlling interest 3. Liabilities: Deferred tax liabilities; current tax liabilities; financial liabilities; provisions; and trade and other payables 4. Assets and liabilities held for sale: The total of assets classified as held for sale and assets included in disposal groups classified as held for sale; and liabilities included in disposal groups classified as held for sale in accordance with Ind AS 105, ‘non-current assets held for sale and discontinued operations’. Current and non-current assets and liabilities are presented as separate classifications in the statement, unless the presentation based on liquidity provides reliable and more relevant information. Ind AS 1 specifies certain items presented in the statement of profit and loss. Additional line items or sub-headings are presented in this statement when relevant to an understanding of the entity’s financial performance. Any item of income or expense is not presented as extraordinary item in the statement of profit and loss or in the notes. The expenses are classified in the statement of profit and loss based on the nature of expense. Ind AS 1 requires disclosures regarding reconciliation between the carrying amount at the beginning and the end of the period for each component of equity including disclosure regarding recognition of bargain purchase gain arising on business combination in line with the treatment prescribed in this regard in Ind AS 103. Thanks

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Open uri20170510 32134 1ue0f38?1494421710 rohit agarwal answered over 2 years ago

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. Further it also set outs the definition for financial statements - A complete set of financial statements comprises: (a) a balance sheet; (b) a statement of profit and loss for the period (c) Statement of changes in equity for the period (d) a cash flow statement; and (e) notes, comprising a summary of significant accounting policies and other explanatory notes. (ea) comparative information in respect of the preceding period comparative information in respect of the preceding period as specified in paragraphs 38 and 38A of Ind AS - 01; and (f) a balance sheet as at the beginning of the preceding period when an entity applies an accounting policy retrospectively or makes a retrospective restatement of items in its financial statements, or when it reclassifies items in its financial statements in accordance with paragraphs 40A–40D of Ind AS - 01. Kindly note the definition for financial statements as stated in Ind AS 1 is in lines with the definition as stated in Companies Act 2013. The financial statements shall be identified clearly and distinguished from other information in the same published document. Further, Ind AS - 1 also requires that Financial statements shall be presented at least annually. Thanks & Regards

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