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Trial balance
The list of every account in a ledger with its closing balance, where debits equal credits.
It is the raw material of everything downstream: statements, consolidation, MIS. A close that starts from a trial balance that has not been agreed to the ledger is a close that will be redone.
Also written: trial balances.
Related terms: Financial close, Chart of accounts, Consolidation.
Written about
Operating, investing or financing: classifying every line of your P&L
Ind AS 118 sorts every income and expense into five categories. The rule is about the asset or liability underneath, not the expense itself.
Written about
Ind AS 118 transition: why your FY 2026-27 ledger needs new tags now
Ind AS 118 applies retrospectively, so FY 2026-27 becomes the restated comparative. What your ledger has to carry before that year begins.
Written about
Ind AS 118: what changes in your profit and loss statement, and what doesn't
Ind AS 118 changes no number in your profit. It changes the shape of the statement: five categories, two new subtotals, audited measures.