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CA Final Ind AS 101 First-time Adoption of Indian Accounting Standards — practice questions — page 2

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 31–60 of 76.

If impairment losses are recognised first in the opening Ind AS balance sheet, which disclosures apply?Read the answer and worked solution →If a cash flow statement existed under old GAAP, also explain:Read the answer and worked solution →When errors under old GAAP are found, the reconciliations must:Read the answer and worked solution →Do Ind AS 8 policy-change rules apply to changes made on adopting Ind AS?Read the answer and worked solution →If an entity did not present statements for earlier periods, its first Ind AS statements must:Read the answer and worked solution →On designating an asset at FVTPL at transition, what must be disclosed?Read the answer and worked solution →Fair-value deemed cost needs aggregate fair values plus:Read the answer and worked solution →Old carrying amount Rs 8,50,000; fair value Rs 10,00,000 used as deemed cost. Adjustment disclosed:Read the answer and worked solution →Ind AS 109 derecognition rules apply mainly to transactions occurring:Read the answer and worked solution →A derecognised pre-transition financial asset is, at transition:Read the answer and worked solution →Retrospective Ind AS 109 derecognition from a chosen date needs that:Read the answer and worked solution →Can a pre-transition deal be retrospectively designated a hedge?Read the answer and worked solution →Attributing losses to NCI even into deficit applies:Read the answer and worked solution →Whether a financial asset meets the Ind AS 109 cash flow conditions is assessed on facts existing at:Read the answer and worked solution →If retrospective effective interest is impracticable, new carrying amount is:Read the answer and worked solution →May a first-time adopter choose not to apply Ind AS 103 retrospectively to past business combinations?Read the answer and worked solution →Restating the 30 June 2010 combination to Ind AS 103 means also:Read the answer and worked solution →For a past combination not restated, the classification (acquisition, reverse acquisition) is kept as in:Read the answer and worked solution →If Ind AS 21 is not applied retrospectively to old goodwill, that goodwill is treated as an asset of:Read the answer and worked solution →For equity instruments vested before transition, Ind AS 102 is:Read the answer and worked solution →A first-time adopter may measure an item of PPE at transition at its:Read the answer and worked solution →Deemed cost is an amount used as a surrogate for:Read the answer and worked solution →Under D7AA, the PPE old GAAP carrying value can be deemed cost if there is no change in:Read the answer and worked solution →The D7AA carrying-value option also covers:Read the answer and worked solution →Event-driven fair value measurement (e.g. privatisation or IPO) at or before transition may serve as:Read the answer and worked solution →Whether a contract contains a lease may be judged on facts at:Read the answer and worked solution →If the cumulative translation differences exemption is used, they are deemed at transition to be:Read the answer and worked solution →On later disposal of a foreign operation, the gain or loss excludes translation differences that arose:Read the answer and worked solution →D13AA lets the old GAAP policy continue for exchange differences on:Read the answer and worked solution →A late-adopting subsidiary may use its parent's:Read the answer and worked solution →

Worked practice questions

If impairment losses are recognised first in the opening Ind AS balance sheet, which disclosures apply?

  1. Those of Ind AS 36
  2. Those of Ind AS 38
  3. No disclosures at all
  4. Those of Ind AS 37
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Correct answer: A. Those of Ind AS 36

Paragraph 24(c) requires the Ind AS 36 disclosures as if the losses were recognised from the date of transition.

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If a cash flow statement existed under old GAAP, also explain:

  1. Only the tax paid in cash
  2. Nothing about cash flows
  3. Material cash flow adjustments
  4. Only share capital changes
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Correct answer: C. Material cash flow adjustments

Paragraph 25 requires an explanation of material adjustments to the statement of cash flows too.

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When errors under old GAAP are found, the reconciliations must:

  1. Report them as accounting estimates
  2. Ignore them in the reconciliation
  3. Separate them from policy changes
  4. Hide them within other reserves
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Correct answer: C. Separate them from policy changes

Paragraph 26 requires error corrections to be shown separately from changes in accounting policies.

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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