Ind AS 1 is a basic Standard, which prescribes overall requirements for the presentation of financial statements and guidelines for their structure, i.e., components of financial statements, viz., balance sheet, statement of profit and loss, statement of cash flows and notes comprising significant accounting policies, etc. Further, the Standard prescribes the minimum disclosures that are to be made in the financial statements and explains the general features of the financial statements. The presentation requirements prescribed in the Standard are supplemented by the recognition, measurement and disclosure requirements set out in other Ind AS for specific transactions and other events.
The key features of financial statement are
True and Fair View
Compliance with IND AS
Going concern
Accrual Basis of Accounting
Materiality and Aggregation
Offsetting
Frequency
Comparative information
Consistency
The standard also provides the form and the content of financial statements as per DIV II.
1. Income statement
2. Balance Sheet
3. Cash Flow Statement
4. Statement for changes in Equity
5. Notes to Account
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