India In Statutory Report Account Classification

Feb 19, 2021
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Hi All,

As part of my study, I have verified many statutory reports. In most of the reports, I have noticed the below to be the classification. In my understanding, the most liquidity-natured items comes first like, Cash In Hand & Bank / Inventory / Accounts Receivable / Property & Plant.

But in statutory reports, it is given in a different classification; can anyone please throw some light on this..

Plant & Equipment, Accounts Receivable, Related Party (Due From) Inventory, Cash & bank (All Assets Side)

Equity, Accounts payable & accruals, Related Party (Due To), Bank Borrowings. (Liability Side)

Is there any particular article as per IFRS/IAS or any other standards. Please help in this regard.

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