[Illustrative Checklist] Disclosure Requirements under Ind AS 7 | Statement of Cash Flow
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- Last Updated on 10 January, 2023
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Disclosure requirements under Ind AS 8, Accounting Policies, Changes in Accounting Estimates and Errors
This Standard prescribes the criteria for selecting and changing accounting policies, together with the accounting treatment and disclosure of changes in accounting policies, changes in accounting estimates and corrections of errors. The Standard is intended to enhance the relevance and reliability of an entity’s financial statements, and the comparability of those financial statements over time and with the financial statements of other entities. Moreover, disclosure requirements for accounting policies, except those for changes in accounting policies, are set out in Ind AS 1 Presentation of Financial Statements.
As per the requirement of this Ind AS, an entity is required to follow the below-mentioned disclosure requirements:
In case where the initial application of an Ind AS affects the current period or any prior period, would have such an effect except that it is impracticable to determine the amount of the adjustment, or might have an effect on future periods, an entity shall disclose:
- the title of the Ind AS;
- change in accounting policy due to transitional provisions, where applicable;
- the nature of the change in accounting policy;
- when applicable, a description of the transitional provisions;
- when applicable, the transitional provisions that might affect future periods;
- for the current period and each prior period presented, to the extent practicable, the amount of the adjustment:
(a) for each financial statement line item affected; and
(b) if Ind AS 33, Earnings per Share, applies to the entity, for basic and diluted earnings per share;
- the amount of the adjustment relating to periods before those presented, to the extent practicable; and
- where the retrospective application is impracticable for a particular prior period, or periods before those presented, then circumstances that led to the existence of that condition and a description of how and from when the change in accounting policy has been applied.
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