In India, International Accounting Standard 1 (IAS 1) has been adopted as Indian Accounting Standard (Ind AS) 1. Ind AS 1 sets out the overall requirements for financial statements, including their structure, content, and presentation. The standard requires financial statements to include a balance sheet, an income statement, a cash flow statement, and notes to the financial statements.
The purpose of Ind AS 1 is to ensure that financial statements provide relevant, reliable, comparable and understandable information that is useful for making economic decisions. The standard specifies the minimum requirements for the presentation of financial statements, but allows for additional information to be included if it is considered to be useful for understanding the financial performance and position of an entity.