Scope, Objective & Definition – Presentation of Financial Statements - Ind AS - Indian Accounting Standards - Companies Law

Scope Objective Definition Presentation of Financial Statements Objective This Standard prescribes the basis for presentation of general-purpose financial statements to ensure comparability. 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. Scope An entity shall apply this Standard in preparing and presenting general purpose financial statements in accordance with Indian Accounting Standards (Ind ASs). Other Ind ASs set out the recognition, measurement and disclosure requirements for specific transactions and other events. This Standard does not apply to the structure and content of condensed interim financial statements prepared in accordance with Ind AS 34, Interim Financial Reporting. It includes consolidated and separate financial statements. This Standard uses terminology that is suitable for profit-oriented entities, including public sector business entities. If entities with not-for-profit activities in the private sector or the public sector apply this Standard, they may need to amend the descriptions used for particular line items in the financial statements and for the financial statements themselves. Similarly, entities whose share capital is not equity may need to adapt the financial statement presentation of members interests. Definition General purpose financial statements - now onwards referred as 'Financial Statements'. These are th financial statement which are intended to meet the needs of users who are not in a position to get tailor-made particular information (as required).