Is Accounting Standard 1 is mandatory?


Yes, International Financial Reporting Standards (IFRS) are mandatory for companies in many countries that have adopted them, including International Accounting Standard 1 (IAS 1). This standard sets out the overall requirements for financial statements, including the structure, content, and presentation of financial statements.

However, In India, IFRS is not yet mandatory for all companies. However, certain categories of companies, such as listed companies and companies whose securities are listed or are in the process of being listed on a stock exchange outside India, are required to follow Ind AS, which are the Indian equivalents of IFRSs. The Institute of Chartered Accountants of India (ICAI) is responsible for issuing and updating these standards. In summary, in India, the compliance with IFRS is mandatory for certain categories of companies, but not for all companies.

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Accounting standard 1 in India talks about _

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.

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Indian Accounting Standard (Ind AS) 1: Presentation of Financial Statements

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