[Illustrative Checklist] Disclosure requirements under Ind AS 1 | Presentation of Financial Statements

Ind AS 1, Presentation of Financial Statements, prescribes the basis for the presentation of general-purpose financial statements to ensure comparability both with the entity’s financial statements of previous periods and with the financial statements of other entities. The standard sets out overall the requirements for the presentation of financial statements, guidelines for their structure and minimum requirements for their content.

As per the requirement of this Ind AS an entity is required to follow the below-mentioned discloser requirements:

I. While auditing the financial statements whether the entity has presented the complete set of financial statements or not. Further, the complete set of financial statements includes:

• balance sheet as of the end of the period;
• statement of profit and loss for the period;
• Statement of changes in equity for the period;
• statement of cash flows for the period;
• notes, comprising a summary of significant accounting policies and other explanatory information; and
• comparative information in respect of the preceding period as specified in paragraphs 38 and 38A; and
• balance sheet as at the beginning of the preceding period when an entity applies an accounting policy retrospectively; or
• makes a retrospective restatement of items in its financial statements, or when reclassifies items in its financial statements in by para 40A–40D.

II. Whether the entity presents a single statement of profit and loss, with profit or loss and other comprehensive income presented in two sections. Also, whether these sections are presented together, with the profit or loss section presented first followed directly by the other comprehensive income section.

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