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CA Final Ind AS 101 First-time Adoption of Indian Accounting Standards — practice questions

Explore 76 free Ind AS 101 First-time Adoption of Indian Accounting Standards 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 101 First-time Adoption of Indian Accounting Standards questions and exercises with answers

Showing questions 1–30 of 76.

A first-time adopter's first Ind AS statements must be:Read the answer and worked solution →Ind AS 101 wants the cost of producing the information to:Read the answer and worked solution →Ind AS 101 also covers which other reports?Read the answer and worked solution →What makes statements an entity's first Ind AS statements?Read the answer and worked solution →A company already on Ind AS changes a policy. Which standard governs, not Ind AS 101?Read the answer and worked solution →The opening Ind AS balance sheet is prepared as at which date?Read the answer and worked solution →A company's first Ind AS reporting period ends 31 March 2024, with one year of comparatives. Its date of transition is:Read the answer and worked solution →Start of business on 1 April 2015 equals which moment?Read the answer and worked solution →Accounting policies in the opening balance sheet and every period of the first Ind AS statements must be:Read the answer and worked solution →Policies must comply with Ind ASs in force at:Read the answer and worked solution →Using different versions of Ind ASs from earlier dates is:Read the answer and worked solution →A new Ind AS is not yet mandatory but permits early application. The first-time adopter:Read the answer and worked solution →Transitional provisions of other Ind ASs mainly serve entities that:Read the answer and worked solution →An item Ind AS does not allow as an asset must be:Read the answer and worked solution →Asset type differs under Ind AS. The entity should:Read the answer and worked solution →Rs 50,000 research cost capitalised; Ind AS 38 says expense. Adjust:Read the answer and worked solution →Opening-balance-sheet differences between old and Ind AS policies arise from:Read the answer and worked solution →How many categories of departure from full retrospective application does Ind AS 101 set up?Read the answer and worked solution →Ind AS estimates at the transition date must match estimates under old GAAP unless there is:Read the answer and worked solution →Transition 1 April 2024; July data revises a March estimate. It hits:Read the answer and worked solution →Ind AS estimates not needed under old GAAP must reflect conditions existing at:Read the answer and worked solution →At transition, market price and rate estimates reflect:Read the answer and worked solution →For a comparative period, the transition date is replaced by:Read the answer and worked solution →A first-time adopter may use the exemptions of Appendices C and D:Read the answer and worked solution →Does Ind AS 101 exempt first-time adopters from other disclosure rules?Read the answer and worked solution →The first Ind AS financial statements must include at least how many balance sheets?Read the answer and worked solution →Minimum comparative set for a first Ind AS filing: balance sheets and profit and loss statements respectively:Read the answer and worked solution →Old GAAP comparative information shown in Ind AS statements must be:Read the answer and worked solution →Main adjustments to old GAAP summaries must be disclosed but:Read the answer and worked solution →Total comprehensive income reconciliation starts, if none reported, from:Read the answer and worked solution →

Worked practice questions

A first-time adopter's first Ind AS statements must be:

  1. Exempt from reconciliations
  2. Comparable over all periods
  3. Higher in profit than old GAAP
  4. Valued at historical cost
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Correct answer: B. Comparable over all periods

The objective asks for information that is transparent for users and comparable over all periods presented.

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Ind AS 101 wants the cost of producing the information to:

  1. Be lower than old GAAP cost
  2. Be paid by the regulator
  3. Not exceed the benefits
  4. Equal the benefits exactly
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Correct answer: C. Not exceed the benefits

A cost-benefit test applies, so the cost of producing the information may not be greater than its benefits.

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Ind AS 101 also covers which other reports?

  1. Quarterly income tax returns
  2. The directors' report
  3. Ind AS 34 interim reports
  4. A draft public prospectus
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Correct answer: C. Ind AS 34 interim reports

Paragraph 2 extends the standard to each Ind AS 34 interim report covering part of the period of the first Ind AS statements.

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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 1 Presentation of Financial StatementsInd AS 12 Income TaxesInd AS 113 Fair Value MeasurementInd AS 109 Financial InstrumentsInd AS 23 Borrowing Costs and Ind AS 40 Investment Property