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CA Final Ind AS 101 First-time Adoption of Indian Accounting Standards — practice questions — page 3

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 61–76 of 76.

A late-adopting parent consolidates a subsidiary's assets at:Read the answer and worked solution →If a compound instrument's liability part is gone at transition, the entity:Read the answer and worked solution →Decommissioning liabilities at transition under the D21 exemption are measured as per:Read the answer and worked solution →Which is an Appendix D optional exemption in Ind AS 101?Read the answer and worked solution →First Ind AS statements follow Ind ASs notified under which Act?Read the answer and worked solution →Previous GAAP means the basis used for Indian statutory reporting:Read the answer and worked solution →Ind AS 101 lets goodwill adjustments be set against:Read the answer and worked solution →Which two exemptions did Ind AS 101 add beyond IFRS 1?Read the answer and worked solution →Ind AS 101 was notified by the MCA vide G.S.R. 111(E) dated:Read the answer and worked solution →Which body issued IFRS 1, the model for Ind AS 101?Read the answer and worked solution →IFRS 1 was first issued in which month and year?Read the answer and worked solution →The restructured version of IFRS 1 was issued on:Read the answer and worked solution →The December 2010 amendment to IFRS 1 guided entities emerging from:Read the answer and worked solution →Under IFRS 1, adjustments from using a different earlier GAAP are recognised directly in:Read the answer and worked solution →Companies with Rs 500 crore net worth were mandatorily covered from:Read the answer and worked solution →Once a company follows Ind AS, voluntarily or mandatorily, can it revert to the old method?Read the answer and worked solution →

Worked practice questions

A late-adopting parent consolidates a subsidiary's assets at:

  1. Subsidiary's adjusted book values
  2. Nil value for each asset
  3. Parent's cost of investment
  4. Market capitalisation value
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Correct answer: A. Subsidiary's adjusted book values

Paragraph D17 uses the subsidiary's carrying amounts adjusted for consolidation and business combination effects.

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If a compound instrument's liability part is gone at transition, the entity:

  1. Must restate all years
  2. Must repay the holders
  3. Need not split the equity
  4. Must convert it to debt
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Correct answer: C. Need not split the equity

Paragraph D18 says it need not separate the cumulative interest portion in retained earnings from the original equity component.

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Decommissioning liabilities at transition under the D21 exemption are measured as per:

  1. Ind AS 12
  2. Ind AS 2
  3. Ind AS 20
  4. Ind AS 37
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Correct answer: D. Ind AS 37

Paragraph D21A measures such liabilities per Ind AS 37, with the difference to previous GAAP taken to retained earnings.

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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