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TMI BlogMaterial – Presentation of Financial StatementsX X X X Extracts X X X X X X X X Extracts X X X X ..... on the basis of those financial statements, which provide financial information about a specific reporting entity. Materiality depends on the nature or magnitude of information, or both. An entity assesses whether information, either individually or in combination with other information, is material in the context of its financial statements taken as a whole. Information is obscured if it i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... general purpose financial statements requires an entity to consider the characteristics of those users while also considering the entity s own circumstances. User should get valid information from Financials Statements Many existing and potential investors, lenders and other creditors cannot require reporting entities to provide information directly to them and must rely on general ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t qualify for recognition in those statements. Other comprehensive income comprises items of income and expense (including reclassification adjustments) that are not recognised in profit or loss as required or permitted by other Ind ASs. The components of other comprehensive income include: Changes in revaluation surplus (refer Ind AS 16, Property, Plant and Equipment and Ind AS 38, In ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t and designating as the hedging instrument only the changes in the intrinsic value (refer Ind AS 109); changes in the value of the forward elements of forward contracts when separating the forward element and spot element of a forward contract and designating as the hedging instrument only the changes in the spot element, and changes in the value of the foreign currency basis spread of a finan ..... X X X X Extracts X X X X X X X X Extracts X X X X
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