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CA Final Ind AS 1 Presentation of Financial Statements — practice questions

Explore 90 free Ind AS 1 Presentation of Financial Statements questions in CA Final Financialreporting. Open each question or exercise to read its content, reference answers and available explanation.

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Ind AS 1 Presentation of Financial Statements questions and exercises with answers

Showing questions 1–30 of 90.

How does Ind AS 1 present profit or loss and OCI?Read the answer and worked solution →Where do reports outside the financial statements stand?Read the answer and worked solution →In a complete set, how should each financial statement be presented?Read the answer and worked solution →Retrospective restatement with material effect needs which extra statement?Read the answer and worked solution →A third balance sheet under Ind AS 1 is as at which date?Read the answer and worked solution →Ind AS 1 statements aim to give information useful to whom?Read the answer and worked solution →What do financial statements also show about management?Read the answer and worked solution →Ind AS 1 requires financial statements to present what overall view?Read the answer and worked solution →What kind of compliance statement must a fully compliant entity give?Read the answer and worked solution →Can an inappropriate accounting policy be cured by disclosing it?Read the answer and worked solution →When may an entity depart from an Ind AS requirement?Read the answer and worked solution →A permitted departure must disclose the Ind AS title and what else?Read the answer and worked solution →If law prohibits departing from an Ind AS, what must the entity do?Read the answer and worked solution →Peers in like conditions comply with a rule. What is presumed?Read the answer and worked solution →When is the going concern basis not used?Read the answer and worked solution →Going concern review looks ahead at least how far from the reporting date?Read the answer and worked solution →If statements are not on a going concern basis, what must be disclosed?Read the answer and worked solution →Which information is excluded from the accrual basis requirement?Read the answer and worked solution →How must each material class of similar items be presented?Read the answer and worked solution →A required Ind AS disclosure is immaterial. What is the position?Read the answer and worked solution →Ind AS 1 on offsetting assets and liabilities?Read the answer and worked solution →Is showing inventories net of an obsolescence allowance offsetting?Read the answer and worked solution →Sale price Rs 46 lakh, carrying amount Rs 40 lakh, selling cost Rs 1 lakh. Net gain?Read the answer and worked solution →How are FX gains and losses from a group of similar transactions shown?Read the answer and worked solution →Minimum number of statements of cash flows an entity must present?Read the answer and worked solution →With a voluntary third P&L, is a third balance sheet needed?Read the answer and worked solution →Comparative narrative information is presented when?Read the answer and worked solution →FY ended 31 March 2025 restated materially; extra balance sheet date?Read the answer and worked solution →For the extra opening balance sheet, are related disclosures required?Read the answer and worked solution →Financial statements within an annual report must be what?Read the answer and worked solution →

Worked practice questions

How does Ind AS 1 present profit or loss and OCI?

  1. OCI shown only in the equity statement
  2. One statement with two sections
  3. Two statements of equal weight
  4. OCI first, then profit or loss
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Correct answer: B. One statement with two sections

Ind AS 1 requires a single statement of profit and loss with a profit or loss section first and an OCI section directly after it.

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Where do reports outside the financial statements stand?

  1. Outside the scope of Ind ASs
  2. They replace the cash flow statement
  3. Mandatory parts of the set
  4. Bound to the balance sheet format
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Correct answer: A. Outside the scope of Ind ASs

Environmental reports and value added statements presented outside the financial statements are not governed by Ind ASs.

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In a complete set, how should each financial statement be presented?

  1. All with equal prominence given
  2. With cash flows left to the report
  3. With profit and loss given priority
  4. With the balance sheet foremost
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Correct answer: A. All with equal prominence given

Ind AS 1 requires every statement in the complete set to be given the same prominence, so none is treated as the main statement.

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More Financialreporting topics

Ind AS 116 LeasesInd AS 36 Impairment of Assets and Ind AS 38 Intangible AssetsInd AS 24 Related Party Disclosures and Ind AS 108 Operating SegmentsInd AS 12 Income TaxesInd AS 113 Fair Value MeasurementInd AS 109 Financial InstrumentsInd AS 23 Borrowing Costs and Ind AS 40 Investment PropertyInd AS 103 Business Combinations