IndAS 1: Presentation of Financial Statement, In India Presentation of Financial Statement is always governed by Companies Act rather of Accounting Standard. Earlier there is Set up VI, now Set up III is there for Discussion of Financial Declaration as per Accounting Standard. Now you can scroll down below n check more details regarding ” IndAS 1: Presentation of Financial Statement”
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IndAS 1: Discussion of Financial Declaration
Till date, no format has actually been prescribed for Discussion of Financial Declaration based on Indian Accounting Requirement.
There is an exposure draft on it which is not yet approved.
Financial Statement consists of:–LRB-
- ( a) Balance Sheet as at the end of the period;-LRB-
- ( b) Declaration of Earnings and Loss for the period;-LRB-
- ( c) Capital Declaration for the duration; and
- ( d) Notes.
Balance Sheet
Balance sheet include Statement of change in equity which exists as a part of the Balance Sheet.
Declaration of Profit and Loss
- Declaration of Earnings and Loss consist of other thorough earnings which exists as part of a single statement of revenue and loss.
- There is no concept of extraordinary item in Ind AS.
Notes
- Notes consists of summary of significant accounting policies and other explanatory details.
Other Comprehensive Earnings
Other comprehensive earnings comprises items of earnings and expenditure (consisting of reclassification changes) that are not acknowledged in earnings or loss as needed by other Ind ASs.
The parts of other detailed income include:
( a) changes in revaluation surplus (see Ind AS 16 Residential Or Commercial Property, Plant and Equipment and Ind AS 38 Intangible Possessions);-LRB- .
( b) actuarial gains and losses on defined advantage strategies (see Ind AS 19 Staff Member Advantages);-LRB- .
( c) gains and losses arising from translating the monetary statements of a foreign operation (see Ind AS 21 The Impacts of Modifications in Foreign Exchange Rates);-LRB- .
( d) gains and losses on remeasuring available-for-sale financial properties (see Ind AS 39 Financial Instruments: Recognition and Measurement);-LRB- .
( e) the efficient portion of gains and losses on hedging instruments in a cash circulation hedge (see Ind AS 39 Financial Instruments: Acknowledgment and Measurement).
Reclassification adjustments are amounts reclassified to benefit or loss in the current period that were recognised in other thorough income in the current or previous periods.
Should Read–
- Indian Accounting Standard (IndAS 2)– Inventories
- IndAS 115 Profits from Agreements with Consumers
- Ind AS 40 Investment Property
- IND AS 36 Problems of Possessions
- What is IASB, FASB, IFRS, Ind AS and US GAAP?
Format of Financial Statement Based On IndAs
Download Draft Format of Financial Declaration According To IndAs
Note: It is a draft format of Financial declaration.
C ompliance with Ind ASs
- Financial declarations complying with Ind ASs shall make an explicit and unreserved statement of such compliance in the notes.
- Financial declarations will not be described as adhering to Ind ASs unless they abide by all the requirements of relevant Ind ASs.
Comparision
| Particulars | IND AS | AS | IFRS |
| Statement of change in equity | Yes | Yes | Yes |
| Statement of change in equity as Seperate statement or Part of notes | Part of notes | Part of notes | Seperate statement |
| Other comprehensive income | Yes | No | Yes |
| Single/ Two statement method for Declaration of Profit and Loss | Single | Single | Any one |
| Remarkable products | No | Yes | No |
| Cost presentation in Declaration of Revenue and Loss | Nature wise | Nature smart | Either by nature or function sensible |
