Which among the following is NOT the feature of the Presentation of the Financial Statement?
Answer & explanation
Correct answer: option 3
The correct answer is option 3: Disclosure on the face of the financial statements or in the notes is not essential or mandatory.
This statement is the opposite of the truth. According to the Companies Act, 2013 and applicable Accounting Standards, providing sufficient disclosures in the financial statements or their accompanying notes is a mandatory and fundamental requirement. These disclosures provide crucial information about the company's financial position, performance, and cash flows to all stakeholders.