CA Final MCQs on Financial Reporting: Indian Accounting Standards

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16 Questions

In its first Ind AS financial statements, which period balance sheet should be covered?

31st March 20X3

When is Company XYZ Pvt Ltd required to apply Ind AS?

Accounting periods beginning on or after 1st April 2020

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

What is a benefit of the implementation of Indian Accounting Standards (Ind AS) in India?

Access to domestic capital market

What is the net worth of Company XYZ Pvt Ltd as on 31st March 2020?

` 230 Crores

What was the profit made by Company XYZ Pvt Ltd in FY 20-21?

` 30 Crores

What Indian Accounting Standard (Ind AS) deals with the presentation of financial statements?

Ind AS 1

Under which Ind AS should an entity account for events occurring after the reporting period?

Ind AS 10

Which Ind AS is related to the measurement based on accounting policies, changes in accounting estimates, and errors?

Ind AS 8

Under which Ind AS should an entity account for revenue from contracts with customers?

Ind AS 115

Which Ind AS deals with the impairment of assets?

Ind AS 36

Under which Ind AS should an entity account for employee benefits?

Ind AS 19

Which Ind AS deals with the effects of changes in foreign exchange rates?

Ind AS 21

Under which Ind AS should an entity disclose related party transactions?

Ind AS 24

'Leases' are accounted for under which Ind AS?

Ind AS 116

Which Ind AS deals with income taxes?

Ind AS 12

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.

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.

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