FINCOOl

Management Accounting

UNIT1 NOTES

FINANCIAL REPORTING
FRAMEWORK

STRUCTURE
1.0 Objectives
1.1 Introduction
1.2 Presentation ofFinancial Statements
1.3 Preparation ofBalance Sheet
1.4 Preparation of Profit and LossAccount
1.5 Financial Reporting: Other Legal Requirements
1.6 Accounting Standards: Objectives
1.7 Accounting Standards Board ofIndia
1.8 International Financial Reporting Standards (IFRS)
1.9 Introduction of IndAS in India
1.10 LetUs SumUp
1.11 Keywords
1.12 References and SuggestedAdditional Readings
1.13 Self-AssessmentQuestions
1.14 Check Your Progress- PossibleAnswers
1.15 Answers to Self-AssessmentQuestions

1.0 OBJECTIVES

After going through this unit, you will be able to understand and explain:
• the requirements offinancial statements under CompaniesAct2013
• preparation of Balance Sheet as per revised Schedule 111 ofCompanies Act2013
• preparation of Profit and Loss Account as per revised Schedule Ill of Companies
Act2013
• other legal requirements ofCompaniesAct2013 for Financial Reporting
• the meaning and Objectives ofaccounting standards
• the role ofAccounting Standards Board of India
• the meaning androle oflFRS
• thenature and coverage oflndAS 1