Assertions
1. Income statement
Occurrence
Completeness
Cut-off
Measurement
Presentation & Disclosure
2. Balance sheet
Existence
Completeness
Cut-off
Valuation
Rights & obligations
Presentation & disclosure
Balance sheet Captions
1. Share capital
2. Reserves & surplus
3. Borrowings
4. Trade receivables
5. Cash & cash equivalents
6. Inventories
7. PPE
8. Intangible Assets
9. Trade payable & other current liabilities
10. Loans & advances & other current assets
11. Provisions and contingent liabilities
Profit & Loss Captions
1. Sale of product & services
2. Other income comprising interest income, dividend income, gain / loss on sale of investments etc.,
3. Purchases
4. Employee benefit expenses
5. Depreciation & amortisation
6. Other expenses like power & fuel, rent, repair to building, plant & machinery, insurance, traveling, legal & professional, miscellaneous expenses
