IFRS and Ind AS Quiz

Podcast

Play an AI-generated podcast conversation about this lesson

Questions and Answers

What is the corresponding appendix for IFRIC 1?

Appendix A to Ind AS 16 (correct)

Appendix C to Ind AS 17

Appendix A to Ind AS 37

No appendix applicable

Which IFRIC is concerned with determining if an arrangement contains a lease?

IFRIC 4 (correct)

IFRIC 12

IFRIC 17

IFRIC 10

Which appendix is not included for IFRIC 9 due to its replacement?

Not applicable

Appendix A to Ind AS 12

Appendix C to Ind AS 18

Not included as Ind AS 39 have been replaced with Ind AS 109 (correct)

What does IFRIC 10 relate to?

Interim Financial Reporting and Impairment Signup and view all the answers

Which IFRIC is associated with customer loyalty programmes?

IFRIC 13 Signup and view all the answers

Which of the following IFRICs addresses the topic of levies?

IFRIC 21 Signup and view all the answers

Which IFRIC does NOT have a corresponding appendix listed?

IFRIC 2 Signup and view all the answers

What topic does IFRIC 19 cover?

Extinguishing Financial Liabilities with Equity Instruments Signup and view all the answers

What is the focus of IFRIC 23?

Uncertainty over Income Tax Treatments Signup and view all the answers

Which appendix applies to the IFRIC that discusses stripping costs in mining?

Appendix B to Ind AS 16 Signup and view all the answers

Which Ind AS is equivalent to IAS 12?

Ind AS 12 Signup and view all the answers

What is the main subject of IAS 36?

Impairment of Assets Signup and view all the answers

Which standard does not have a corresponding Ind AS?

IAS 26 Signup and view all the answers

What is Ind AS 101 primarily concerned with?

First-time Adoption of Indian Accounting Standards Signup and view all the answers

Which of the following is equivalent to IFRS 9?

Ind AS 109 Signup and view all the answers

What is the primary focus of IAS 10?

Events after the Reporting Period Signup and view all the answers

Which Ind AS relates to Leases?

Ind AS 17 Signup and view all the answers

Which standard is concerned with the disclosure of interests in other entities?

Ind AS 112 Signup and view all the answers

Which IFRS was issued after 2001 and is equivalent to Ind AS 28?

IFRS 11 Signup and view all the answers

What does IAS 32 address?

Presentation of Financial Instruments Signup and view all the answers

Study Notes

IFRS and Ind AS

International Financial Reporting Standards (IFRS) provide a common global language for business and accounting.
Indian Accounting Standards (Ind AS) are based on IFRS and are used by companies in India.

### IFRS Components

The Conceptual Framework for Financial Reporting sets out the basic principles and ground rules for IFRS.
IAS standards were issued before 2001.
IFRS standards were issued after 2001.
SICs are interpretations of accounting standards and provide specific guidance on unclear issues.
IFRIC interpretations are newer than SIC and were issued after 2001.

### IFRS and Ind AS Correspondence

A list of IFRS and corresponding Ind AS is provided in the text.
Some IFRS have no corresponding Ind AS.
For example, Ind AS does not include IAS 26, IFRS 16, or IFRS 17.

### IFRS and Ind AS Appendix Information

The text lists specific SICs and IFRICs that have been included as appendices in Ind AS.
Some SICs and IFRICs are not included in Ind AS or their appendices.
For example, IFRIC 2 is not included because it is not relevant to companies.
Appendix A of Ind AS 16 includes IFRIC 1: Changes in Existing Decommissioning, Restoration and Similar Liabilities.

### IFRS 15, 16, and 17

IFRS 15, 16, and 17 are currently under formulation for Ind AS.
These standards are not included in the "Core paper on Financial Reporting."
This means that they will not be part of the GFRS paper.

Studying That Suits You

Use AI to generate personalized quizzes and flashcards to suit your learning preferences.

Description

Test your knowledge on International Financial Reporting Standards (IFRS) and Indian Accounting Standards (Ind AS). This quiz covers the fundamental components, correspondence between IFRS and Ind AS, and additional interpretations. Perfect for accounting students and professionals looking to deepen their understanding.