Download Quick Reference on Ind AS 1 Presentation of Financial Statements
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.
A complete set of financial statements, which should be presented, including comparatives, at least annually consists of:
(a) a balance sheet as at the end of the period;
(b) a statement of profit and loss for the period;
(c) a statement of changes in equity for the period;
(d) a statement of cash flows for the period;
(e) notes, comprising significant accounting policies and other explanatory information;
(f) comparative information in respect of the preceding period.
An entity shall prepare a third balance sheet as at the beginning of the previous year along with the requirements of comparative information for the year if, it retrospectively applies accounting policies, retrospectively restates items in financial statements, or reclassifies items in financial statements.