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of <h1>Profit and Loss Statement Requirements per Ind AS: Key Line Items and Reporting Standards for Financial Assets</h1> The profit and loss statement, as per Indian Accounting Standards (Ind AS), must include various line items beyond those mandated by other Ind ASs. These items encompass revenue, with interest revenue separately calculated using the effective interest method, and gains or losses from derecognizing financial assets at amortized cost. It must also report finance costs, impairment losses or reversals per Ind AS 109, and profits or losses from associates and joint ventures via the equity method. Additionally, it should reflect gains or losses from reclassified financial assets and any tax expenses.
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