Accrual basis recognition: recognise elements when criteria met; material items require separate presentation and adequate disclosure. Financial statements must be prepared on the accrual basis, recognising elements when they satisfy the Conceptual Framework definitions and recognition criteria. Entities must present separately each material class of similar items and dissimilar items of different nature or function unless immaterial. Immaterial items may be aggregated in the statements or notes, but aggregation must not obscure material information. Ind AS disclosure lists are minimum; immaterial information need not be disclosed, but additional disclosures are required when mandated disclosures are insufficient for understandability.