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?
- 1st April 20X2
- 31st March 20X3 (correct)
- 31st March 20X4
- All of the above
When is Company XYZ Pvt Ltd required to apply Ind AS?
When is Company XYZ Pvt Ltd required to apply Ind AS?
- Accounting periods beginning on or after 1st April 2022
- Accounting periods beginning on or after 1st April 2020 (correct)
- It is not required to comply with Ind AS as its Net worth as on 31st March 2022 is below ` 250 Cr
- Accounting periods beginning on or after 1st April 2021
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?
- Carve in (correct)
- Carve out
- Exception
- None of the above
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?
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?
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?
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?
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?
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?
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?
Which Ind AS deals with the impairment of assets?
Which Ind AS deals with the impairment of assets?
Under which Ind AS should an entity account for employee benefits?
Under which Ind AS should an entity account for employee benefits?
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?
Under which Ind AS should an entity disclose related party transactions?
Under which Ind AS should an entity disclose related party transactions?
'Leases' are accounted for under which Ind AS?
'Leases' are accounted for under which Ind AS?
Which Ind AS deals with income taxes?
Which Ind AS deals with income taxes?
Flashcards
Ind AS 1 Period
Ind AS 1 Period
The balance sheet for 31st March 2023 should be covered in the first Ind AS financial statements.
Company XYZ Pvt Ltd Ind AS Start Date
Company XYZ Pvt Ltd Ind AS Start Date
Company XYZ Pvt Ltd must apply Ind AS to accounting periods starting on or after 1st April 2020
Ind AS 103 Carve in
Ind AS 103 Carve in
Additional guidance on common control transactions, not found in IFRS 3, in Ind AS 103
Ind AS Benefit
Ind AS Benefit
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XYZ Pvt Ltd Net Worth(2020)
XYZ Pvt Ltd Net Worth(2020)
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XYZ Pvt Ltd FY 20-21 Profit
XYZ Pvt Ltd FY 20-21 Profit
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Ind AS 1
Ind AS 1
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Ind AS After Reporting Period Events
Ind AS After Reporting Period Events
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Ind AS 8 Changes
Ind AS 8 Changes
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Ind AS Revenue Contracts
Ind AS Revenue Contracts
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Ind AS Asset Impairment
Ind AS Asset Impairment
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Ind AS Employee Benefits
Ind AS Employee Benefits
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Ind AS Foreign Exchange
Ind AS Foreign Exchange
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Ind AS Related Party Transactions
Ind AS Related Party Transactions
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Ind AS Leases
Ind AS Leases
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Ind AS Income Taxes
Ind AS 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.
