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CA Final Ind AS 8 Accounting Policies, Changes in Accounting Estimates and Errors — practice questions

Explore 60 free Ind AS 8 Accounting Policies, Changes in Accounting Estimates and Errors 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 8 Accounting Policies, Changes in Accounting Estimates and Errors questions and exercises with answers

Showing questions 1–30 of 60.

Which Ind AS prescribes the criteria for selecting and changing accounting policies?Read the answer and worked solution →Disclosure requirements for accounting policies, other than changes in them, are set out in which Ind AS?Read the answer and worked solution →Tax effects of correcting prior period errors are accounted for under which Ind AS?Read the answer and worked solution →Ind ASs are standards prescribed under which section of the Companies Act, 2013?Read the answer and worked solution →Principles, bases, rules and practices applied in preparing statements are called:Read the answer and worked solution →An adjustment to a carrying amount from new information is:Read the answer and worked solution →Estimate changes arise from new information, so they are:Read the answer and worked solution →A misstatement is material if it could influence:Read the answer and worked solution →Prior period errors misuse information available when statements were:Read the answer and worked solution →Which of these is expressly listed among the causes of prior period errors?Read the answer and worked solution →Applying a new policy as if always applied is:Read the answer and worked solution →Correcting amounts as if a prior period error had never occurred is called:Read the answer and worked solution →A requirement is impracticable if it cannot be applied despite:Read the answer and worked solution →Prospective recognition of an estimate change affects:Read the answer and worked solution →If an Ind AS specifically covers a transaction, the accounting policy is set by:Read the answer and worked solution →Immaterial departures made to shape presentation are:Read the answer and worked solution →With no Ind AS on point, management's policy must give information that is relevant and:Read the answer and worked solution →Reliable information should reflect economic substance and not merely:Read the answer and worked solution →Which source must management consider first when no Ind AS directly applies?Read the answer and worked solution →Different policies for similar items are allowed only where an Ind AS permits what?Read the answer and worked solution →An entity may voluntarily change a policy if the change gives financial statements that are:Read the answer and worked solution →Which of these is NOT a change in accounting policy?Read the answer and worked solution →A first-time revaluation policy for PPE is dealt with under:Read the answer and worked solution →Early application of a new Ind AS is treated as:Read the answer and worked solution →A change in policy from the initial application of an Ind AS is accounted for per:Read the answer and worked solution →A voluntary change in accounting policy is applied:Read the answer and worked solution →Retrospective policy change adjusts equity opening balances of:Read the answer and worked solution →The adjustment for periods before those presented usually goes to which equity component?Read the answer and worked solution →If period effects are impracticable to find, the new policy applies from:Read the answer and worked solution →If cumulative effect cannot be determined, the policy applies:Read the answer and worked solution →

Worked practice questions

Which Ind AS prescribes the criteria for selecting and changing accounting policies?

  1. Ind AS 8
  2. Ind AS 34
  3. Ind AS 10
  4. Ind AS 1
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Correct answer: A. Ind AS 8

Ind AS 8 exists to set out how policies are selected and changed, how estimate changes are treated and how errors are corrected.

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Disclosure requirements for accounting policies, other than changes in them, are set out in which Ind AS?

  1. Ind AS 10
  2. Ind AS 2
  3. Ind AS 7
  4. Ind AS 1
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Correct answer: D. Ind AS 1

Ind AS 8 itself covers only disclosure of changes in policies; general policy disclosure sits in the presentation standard, Ind AS 1.

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Tax effects of correcting prior period errors are accounted for under which Ind AS?

  1. Ind AS 33
  2. Ind AS 10
  3. Ind AS 37
  4. Ind AS 12
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Correct answer: D. Ind AS 12

Ind AS 8 hands the tax consequences of error corrections and retrospective policy adjustments to the income taxes standard, Ind AS 12.

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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