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CA Final Introduction to General Purpose Financial Statements: Ind AS Applicability and Schedule III Division II — practice questions

Explore 47 free Introduction to General Purpose Financial Statements: Ind AS Applicability and Schedule III Division II questions in CA Final Financialreporting. Open each question or exercise to read its content, reference answers and available explanation.

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Introduction to General Purpose Financial Statements: Ind AS Applicability and Schedule III Division II questions and exercises with answers

Showing questions 1–30 of 47.

Division II suits companies following which rules?Read the answer and worked solution →Which Division of Schedule III is prescribed for an NBFC that follows Ind AS?Read the answer and worked solution →Which section of the Companies Act, 2013 requires financial statements to follow the forms in Schedule III?Read the answer and worked solution →Schedule III formats do NOT apply to which kind of company?Read the answer and worked solution →For income under Rs 100 crore, which rounding units apply?Read the answer and worked solution →A company's total income is Rs 150 crore. Which rounding must it use?Read the answer and worked solution →What does Schedule III say about a first financial statement?Read the answer and worked solution →Under Division II, what meaning do terms used in the Schedule carry?Read the answer and worked solution →Which Part of Division II lays down general instructions for consolidated financial statements?Read the answer and worked solution →In Division II, Part I contains the format of which statement?Read the answer and worked solution →How are Schedule III disclosures treated versus Ind AS?Read the answer and worked solution →Under Division II, where is extra Ind AS disclosure generally placed?Read the answer and worked solution →When did the Accounting Standards Board of ICAI come into existence as a body?Read the answer and worked solution →The Accounting Standards Board that supervises Ind AS issuance is a committee of which body?Read the answer and worked solution →How are Ind AS named and numbered relative to international standards?Read the answer and worked solution →Which body recommends accounting standards to the MCA?Read the answer and worked solution →Which ministry spells out accounting standards applicable to companies?Read the answer and worked solution →Once a company adopts Ind AS, what is the position?Read the answer and worked solution →Under the first phase of the Ind AS roadmap, from 1 April 2016 every company with what net worth had to comply?Read the answer and worked solution →From 1 April 2018, which companies came in regardless of net worth?Read the answer and worked solution →Which unlisted companies came under Ind AS in April 2018?Read the answer and worked solution →Before Ind AS was adopted, Indian companies followed which framework?Read the answer and worked solution →Which Ind AS deals with disclosures about financial instruments and the related risks?Read the answer and worked solution →Who sets the Ind AS date for banks and insurance companies?Read the answer and worked solution →Which statement shows assets, liabilities and equity at one date?Read the answer and worked solution →Which of these reports income, expenses and profit over a stated period?Read the answer and worked solution →Which statement reports changes in a company's equity over a period?Read the answer and worked solution →What kind of information does MD&A mainly give?Read the answer and worked solution →Which body develops the International Financial Reporting Standards?Read the answer and worked solution →Primary users of general purpose financial reports are whom?Read the answer and worked solution →

Worked practice questions

Division II suits companies following which rules?

  1. Companies (Audit) Rules, 2014
  2. Companies (AS) Rules, 2006
  3. Companies (Cost Records) Rules, 2014
  4. Companies (Ind AS) Rules, 2015
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Correct answer: D. Companies (Ind AS) Rules, 2015

Division II covers companies whose financial statements are drawn up under the Ind AS Rules of 2015.

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Which Division of Schedule III is prescribed for an NBFC that follows Ind AS?

  1. Division I
  2. Division II
  3. Division III
  4. Division IV
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Correct answer: C. Division III

Schedule III has only three Divisions, and Division III is reserved for NBFCs that follow Ind AS.

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Which section of the Companies Act, 2013 requires financial statements to follow the forms in Schedule III?

  1. Section 134
  2. Section 129
  3. Section 139
  4. Section 143
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Correct answer: B. Section 129

Section 129 deals with financial statements and says they must be in the form given in Schedule III.

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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