This chapter will help the readers to:
- Understand the contents of balance sheet in depth.
- Differentiate between equity and liabilities, current liabilities and non-current liabilities, current assets and non-current assets.
- Appreciate the issues involved in valuation of assets and liabilities in the balance sheet.
- Appreciate the impact of relevant accounting standards on the balance sheet—Ind AS 40 (Investment Property), Ind AS 2 (Inventories), Ind AS 109 (Financial Instruments) Ind AS 7 (Statement of Cash Flow) and Ind AS 113 (Fair Value Measurement).