Objective: is to prescribe the basis for presentation of general purpose FS to ensure comparability:
Apply in preparing and presenting general purpose FS.
Not applicable to structure and content of condensed interim FS.
However, structure and content detailed in para 15 to 35 applies to condensed set of financial statements.
Non-profit entities should amend the descriptions used for particular line items in the FS and for the FS themselves.
Ind AS: Standards prescribed under Section 133 of the Companies Act, 2013.
OCI: Comprises items of income and expense (including reclassification adjustments) that are not recognised in profit or loss as required or permitted by other Ind AS.
Components of Other Comprehensive Income:
Going Concern assumption, if not followed shall explicitly state the same and reasons thereof.
Use Accrual Basis of Accounting, except in statement of cash flows
Don’t offset assets and liabilities or income and expenses unless required or permitted by an Ind AS
Use Ind AS Lab Services