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CA Final Ind AS 34 — Interim Financial Reporting: Contents, Recognition & Measurement, Estimated ETR, Seasonal Revenues — practice questions
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Practice CA Final Ind AS 34 — Interim Financial Reporting: Contents, Recognition & Measurement, Estimated ETR, Seasonal Revenues in the app →Ind AS 34 prescribes:A minimum interim financial report under Ind AS 34 must include:Under Ind AS 34, the same accounting policies as in the most recent annual FS are applied in interim FS, EXCEPAn entity reports HALF-YEARLY interim FS for the period ending 30 Sep 20X2 (financial year ends 31 Mar). IdentQuarterly interim FS for the period ending 30 Sep 20X2 (FY-end 31 Mar). Required P&L presentation:Interim income tax expense under Ind AS 34 is calculated using:An entity has highly seasonal revenue (peak in December). Under Ind AS 34, how should it report 6-month interiYear-end BONUSES can be anticipated for interim reporting purposes if and only if:MAJOR PLANNED PERIODIC MAINTENANCE or OVERHAUL expected to occur late in the year is, for interim reporting:EMPLOYER PAYROLL TAXES assessed on an annual basis with a per-employee earnings cap should be recognised acrosDEPRECIATION AND AMORTISATION for an interim period is computed based on:An entity recognises an inventory write-down to NRV ₹50,000 in Q2; in Q4, NRV recovers and the entire write-doCONTRACTUAL volume rebates / discounts that are PROBABLE of being earned by year-end (because the entity is onAn entity's estimate of an amount reported in an interim period changes SIGNIFICANTLY in the FINAL interim perWhich of the following is INCORRECT about MATERIALITY assessment under Ind AS 34?