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CA Final Ind AS 1 Presentation of Financial Statements — practice questions — page 3

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 61–90 of 90.

Can income or expense be shown as extraordinary under Ind AS 1?Read the answer and worked solution →Items of income and expense go to profit or loss unless what?Read the answer and worked solution →Which is recognised outside profit or loss under Ind AS 8?Read the answer and worked solution →Items of OCI may be shown how regarding tax?Read the answer and worked solution →Reclassification adjustments of OCI must be what?Read the answer and worked solution →Which OCI item is not reclassified to profit or loss later?Read the answer and worked solution →When does a reclassification adjustment arise?Read the answer and worked solution →Which can require separate disclosure of a material item?Read the answer and worked solution →Which is listed as a circumstance for separate disclosure?Read the answer and worked solution →Which expense analysis method does Ind AS 1 require?Read the answer and worked solution →Under the nature method, how are expenses aggregated?Read the answer and worked solution →Which total must the equity statement include?Read the answer and worked solution →Equity reconciliation must separately show which change?Read the answer and worked solution →Where may recognised dividends and dividends per share be shown?Read the answer and worked solution →Retrospective adjustments for policy changes go where?Read the answer and worked solution →Which Ind AS sets cash flow presentation requirements?Read the answer and worked solution →What do the explanatory disclosures normally begin with?Read the answer and worked solution →Each balance sheet line item should be linked to what?Read the answer and worked solution →Contingent liabilities appear under which disclosure group?Read the answer and worked solution →Which must the accounting policy summary disclose?Read the answer and worked solution →For assets with major estimation risk, disclose nature and what else?Read the answer and worked solution →Which asset is exempt from estimation uncertainty disclosure?Read the answer and worked solution →Must estimation uncertainty disclosures include forecasts?Read the answer and worked solution →A capital disclosure covers objectives, policies and what?Read the answer and worked solution →Capital disclosures follow information given to whom internally?Read the answer and worked solution →What must be disclosed about externally imposed capital requirements?Read the answer and worked solution →Puttable instruments classed as equity need which outflow disclosed?Read the answer and worked solution →How are items of dissimilar nature or function presented unless immaterial?Read the answer and worked solution →In virtually all cases a true and fair view is achieved by what?Read the answer and worked solution →If Ind AS rules are insufficient for users, what is added?Read the answer and worked solution →

Worked practice questions

Can income or expense be shown as extraordinary under Ind AS 1?

  1. Yes, if it is rare
  2. Yes, if above Rs 1 crore
  3. Yes, in disclosures only
  4. No, it is prohibited
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Correct answer: D. No, it is prohibited

Ind AS 1 bars presenting any item as extraordinary, whether in the profit statement or elsewhere.

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Items of income and expense go to profit or loss unless what?

  1. They arise overseas
  2. They are very large
  3. They are non-cash items
  4. An Ind AS says otherwise
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Correct answer: D. An Ind AS says otherwise

All income and expense is recognised in profit or loss unless an Ind AS requires or permits otherwise, as for OCI items.

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Which is recognised outside profit or loss under Ind AS 8?

  1. Regular interest on loans
  2. Ordinary trade discounts
  3. Correction of prior errors
  4. Annual rent expense paid
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Correct answer: C. Correction of prior errors

Ind AS 8 takes error corrections and policy-change effects to opening reserves rather than the current period profit.

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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