Podcast
Questions and Answers
In its first Ind AS financial statements, which period balance sheet should be covered?
In its first Ind AS financial statements, which period balance sheet should be covered?
When is Company XYZ Pvt Ltd required to apply Ind AS?
When is Company XYZ Pvt Ltd required to apply Ind AS?
What term can be used for the additional guidance on common control transaction in Ind AS 103 which is not in IFRS 3?
What term can be used for the additional guidance on common control transaction in Ind AS 103 which is not in IFRS 3?
What is a benefit of the implementation of Indian Accounting Standards (Ind AS) in India?
What is a benefit of the implementation of Indian Accounting Standards (Ind AS) in India?
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What is the net worth of Company XYZ Pvt Ltd as on 31st March 2020?
What is the net worth of Company XYZ Pvt Ltd as on 31st March 2020?
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What was the profit made by Company XYZ Pvt Ltd in FY 20-21?
What was the profit made by Company XYZ Pvt Ltd in FY 20-21?
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What Indian Accounting Standard (Ind AS) deals with the presentation of financial statements?
What Indian Accounting Standard (Ind AS) deals with the presentation of financial statements?
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Under which Ind AS should an entity account for events occurring after the reporting period?
Under which Ind AS should an entity account for events occurring after the reporting period?
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Which Ind AS is related to the measurement based on accounting policies, changes in accounting estimates, and errors?
Which Ind AS is related to the measurement based on accounting policies, changes in accounting estimates, and errors?
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Under which Ind AS should an entity account for revenue from contracts with customers?
Under which Ind AS should an entity account for revenue from contracts with customers?
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Which Ind AS deals with the impairment of assets?
Which Ind AS deals with the impairment of assets?
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Under which Ind AS should an entity account for employee benefits?
Under which Ind AS should an entity account for employee benefits?
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Which Ind AS deals with the effects of changes in foreign exchange rates?
Which Ind AS deals with the effects of changes in foreign exchange rates?
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Under which Ind AS should an entity disclose related party transactions?
Under which Ind AS should an entity disclose related party transactions?
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'Leases' are accounted for under which Ind AS?
'Leases' are accounted for under which Ind AS?
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Which Ind AS deals with income taxes?
Which Ind AS deals with income taxes?
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Study Notes
Ind AS Implementation
- Company XYZ Pvt Ltd is required to apply Ind AS considering its net worth as on 31st March 2020.
- The first Ind AS financial statements should cover a period balance sheet.
Ind AS Guidelines
- The term 'comparative' can be used for additional guidance on common control transactions in Ind AS 103, which is not present in IFRS 3.
Benefits of Ind AS
- One of the benefits of implementing Indian Accounting Standards (Ind AS) in India is to enhance financial reporting.
Company XYZ Pvt Ltd Financials
- The net worth of Company XYZ Pvt Ltd as on 31st March 2020 was [amount not specified].
- Company XYZ Pvt Ltd made a profit in FY 20-21, but the exact amount is not specified.
Ind AS Standards
Presentation of Financial Statements
- Ind AS 1 deals with the presentation of financial statements.
Events After the Reporting Period
- Ind AS 10 should be used to account for events occurring after the reporting period.
Accounting Policies, Errors, and Estimates
- Ind AS 8 is related to the measurement based on accounting policies, changes in accounting estimates, and errors.
Revenue Recognition
- Ind AS 115 should be used to account for revenue from contracts with customers.
Impairment of Assets
- Ind AS 36 deals with the impairment of assets.
Employee Benefits
- Ind AS 19 should be used to account for employee benefits.
Foreign Exchange Rates
- Ind AS 21 deals with the effects of changes in foreign exchange rates.
Related Party Transactions
- Ind AS 24 should be used to disclose related party transactions.
Leases
- Ind AS 17 is used to account for 'leases'.
Income Taxes
- Ind AS 12 deals with income taxes.
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Description
Test your knowledge with this MCQ quiz on Financial Reporting based on the new scheme of education and training. Covering topics such as Introduction to Indian Accounting Standards and Conceptual Framework for Financial Reporting under Indian Accounting Standards (Ind AS). Prepared by CA. PARVEEN SHARMA B.Com (H), F.C.A., A.C.M.A., C.S.
