IND AS-1 on Presentation of Financial statements denotes titles of financial statements to include “Balance Sheet”, which is same as in Schedule III under Companies Act. IAS-1 on Presentation of Financial statements denotes titles of financial statements to include “statement of financial position” for “balance sheet’. IASB reaffirmed the title as it will only better reflect the function of the statement and is consistent with the Framework for the Presentation of Financial Statements. Look forward for more conceptual convergence in the future days.