Describe the format of financial statements under Ind AS.

Question

Accepted Answer

The financial statements under Ind AS follow a specific format to ensure consistency and comparability.

The balance sheet is presented in order of liquidity, with assets and liabilities classified as current or non-current.
The income statement includes separate sections for operating and non-operating income and expenses.
The statement of changes in equity shows the changes in equity during the reporting period.
The cash flow statement is prepared using the indirect method.
Notes to the financial statements provide additional information and disclosures.
The format is designed to provide more relevant and reliable information to users of financial statements.

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