GuestThird Balance Sheet
Source: Ind AS 1 (summary)
An entity presents a third balance sheet as at the beginning of the preceding period when it applies an accounting policy retrospectively, makes a retrospective restatement or reclassifies items, and the effect is material to that balance sheet. The related notes to the third balance sheet are not required.
Typing details
- 49 words, 308 characters
- No figures
- About 2 minutes at 40 WPM
About Accounting
Accounting principles in short, plain-language summaries: double entry, accrual, going concern and prudence, then Ind AS topics such as inventories, cash flows, events after the reporting period, income taxes, property, plant and equipment, employee benefits, government grants and foreign currency.