Complete Set of Financial Statements & its General Features

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..... penses, including gains and losses; contributions by and distributions to owners in their capacity as owners; and cash flows. This information, along with other information in the notes, assists users of financial statements in predicting the entity s future cash flows and their timing and certainty. Complete set of financial statements A complete set of financial statements comprises: a balance sheet as at the end of the period (BS); a statement of profit and loss for the period (P L) Along with Statement of changes in equity for the period (SOCE); a statement of cash flows for the period; notes, comprising significant accounting policy information and other explanatory information;] comparative informa .....

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..... ancial statements, reports and statements such as environmental reports and value added statements, particularly in industries in which environmental factors are significant and when employees are regarded as an important user group. Reports and statements presented outside financial statements are outside the scope of Ind ASs. Presentation of True and Fair View and compliance with Ind ASs Financial statements shall present a true and fair view of the financial position, financial performance, and cash flows of an entity. Presentation of true and fair view requires the faithful representation of the effects of transactions, other events, and conditions in accordance with the definitions and recognition criteria for assets, liabiliti .....

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..... ould conflict with the objective of financial statements, the entity shall depart from that requirement in the manner set out in paragraph 20 if the relevant regulatory framework requires, or otherwise does not prohibit, such a departure. When an entity departs from a requirement of an Ind AS, it shall disclose: that management has concluded that the financial statements present a true and fair view of the entity s financial position, financial performance and cash flows; that it has complied with applicable Ind ASs, except that it has departed from a particular requirement to present a true and fair view; the title of the Ind AS from which the entity has departed, the nature of the departure, including t .....

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