What are the salient features and objectives of the first-time adoption of Indian Accounting Standards (Ind-AS): 101?
Understand the Problem
The question pertains to the salient features and objectives of the first-time adoption of Indian Accounting Standards (Ind-AS) 101. It is interested in understanding the principles laid out for companies transitioning to Ind-AS and how they are applied.
Answer
Ensures transparent, comparable info, suitable starting point for Ind-AS, cost-effective transition.
The salient features and objectives of Ind-AS 101 include ensuring information is transparent and comparable, providing a suitable starting point for Ind-AS compliance, and making sure the cost doesn't exceed benefits. It also details presentation and disclosure requirements during the transition.
Answer for screen readers
The salient features and objectives of Ind-AS 101 include ensuring information is transparent and comparable, providing a suitable starting point for Ind-AS compliance, and making sure the cost doesn't exceed benefits. It also details presentation and disclosure requirements during the transition.
More Information
Ind-AS 101 is designed to streamline the transition to new accounting standards by providing clear guidelines and minimizing the financial burden associated with compliance.
Tips
A common mistake is not properly understanding the disclosure requirements, which can lead to incomplete financial statements.
Sources
- Indian Accounting Standard (Ind AS) 101 First-time Adoption - mca.gov.in
- First-time adoption of IND AS - KPMG International - assets.kpmg.com
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