IndAS standards have been gathering momentum to replace existing Accounting Standards. IndAS provides disclosures for a particular topic but none of the standards provide the format of balance sheet, statement of profit and loss and statement of changes in equity. Although MCA and ICAI provides for proposed Ind AS but one of the key elements missing till date was the format of the financial statements as per Ind AS. Now an exposure draft has been released which provides the format of Ind AS financials complying with Schedule III of the Companies Act, 2013.
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