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Questions and Answers
What is the corresponding appendix for IFRIC 1?
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?
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?
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?
What does IFRIC 10 relate to?
Which IFRIC is associated with customer loyalty programmes?
Which IFRIC is associated with customer loyalty programmes?
Which of the following IFRICs addresses the topic of levies?
Which of the following IFRICs addresses the topic of levies?
Which IFRIC does NOT have a corresponding appendix listed?
Which IFRIC does NOT have a corresponding appendix listed?
What topic does IFRIC 19 cover?
What topic does IFRIC 19 cover?
What is the focus of IFRIC 23?
What is the focus of IFRIC 23?
Which appendix applies to the IFRIC that discusses stripping costs in mining?
Which appendix applies to the IFRIC that discusses stripping costs in mining?
Which Ind AS is equivalent to IAS 12?
Which Ind AS is equivalent to IAS 12?
What is the main subject of IAS 36?
What is the main subject of IAS 36?
Which standard does not have a corresponding Ind AS?
Which standard does not have a corresponding Ind AS?
What is Ind AS 101 primarily concerned with?
What is Ind AS 101 primarily concerned with?
Which of the following is equivalent to IFRS 9?
Which of the following is equivalent to IFRS 9?
What is the primary focus of IAS 10?
What is the primary focus of IAS 10?
Which Ind AS relates to Leases?
Which Ind AS relates to Leases?
Which standard is concerned with the disclosure of interests in other entities?
Which standard is concerned with the disclosure of interests in other entities?
Which IFRS was issued after 2001 and is equivalent to Ind AS 28?
Which IFRS was issued after 2001 and is equivalent to Ind AS 28?
What does IAS 32 address?
What does IAS 32 address?
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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.
###Â 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.
###Â 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.
###Â 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.
###Â 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.
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