Accounting Standards 1-29 - Seth & Associates

Accounting Standard to assist in clarifying its meaning.
Paragraph 11 of the Accounting Standard provides that if an enterprise prepares and presents a set of
condensed financial statements in its interim financial report, those condensed statements should include, at
a minimum, each of the headings and sub-headings that were included in its most recent annual financial
statements and the selected explanatory notes as required by the Standard. Additional line items or notes
should be included if their omission would make the condensed interim financial statements misleading.
The purpose of the following illustrative format is primarily to illustrate the requirements of paragraph 11 of
the Standard. It may be noted that these illustrative formats are subject to the requirements laid down in the
Standard including those of paragraph 11.
Illustrative Format of Condensed Financial Statements for an enterprise other than a bank
I. Sources of Funds
1. Capital
2. Reserve and surplus
3. Minority interests (in case of
consolidated financial statements)
4. Loan funds:
(a) Secured loans
(b) Unsecured loans
II. Application of funds
1. Fixed assets
(a) Tangible fixed assets
(b) Intangible fixed assets
2. Investments
3. Current assets, loans and advances
(a) Inventories
(b) Sundry debtors
(c) Cash and bank balances
(d) Loans and advances
(e) Others
Less: Current liabilities and provisions
(A) Condensed Balance Sheet
Total
Figures at the end
of the current
interim period
Figures at the end
of the previous
accounting year