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Important Stuff on Ind AS 1, Presentation of Financial Statements

Indian Accounting Standard (Ind AS) 1, Presentation of Financial Statements, Important Material

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Ind AS 1: Presentation of Financial Statements

Financial reporting includes presentation and disclosure of financial position through Balance Sheet, Profit and Loss Account and Cash Flow Statements. The main objective of financial statement is to reflect true and fair information to the users.

A Complete set of Financial Statement includes:

(i) A balance Sheet at the end if the period
(ii) Statement of Profit and Loss Statement for the period
(iii) Statement of changes in Equity
(iv) Statement of Cash Flows
(v) Significant Accounting Policies and other explanatory notes as a separate statement
(vi) Comparative information with the previous periods
(vii) A balance sheet at the beginning of the earliest comparative period if the company applies an accounting policy retrospectively or makes retrospective statement.


This Standard prescribes the basis for presentation of general purpose financial statements to ensure comparability – both with 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.


(a) An entity shall apply this Standard in preparing and presenting general purpose financial statements in accordance with Indian Accounting Standards (Ind ASs).
(b) Consolidated Financial Statements in accordance with Ind AS 110 ‘Consolidated Financial Statements’
(c) Separate financial statements in accordance with Ind AS 27 ‘Separate Financial Statements’.
(d) This Ind AS does not apply to interim Financial Statements prepared in accordance with Ind AS 34 except para 15 to 35 of Ind AS 1.

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