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CA Inter Applicability of Accounting Standards to Various Entities — practice questions

Explore 43 free Applicability of Accounting Standards to Various Entities questions in CA Inter Accounting. Open each question or exercise to read its content, reference answers and available explanation.

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Applicability of Accounting Standards to Various Entities questions and exercises with answers

Showing questions 1–30 of 43.

From which date could any company voluntarily adopt Ind AS?Read the answer and worked solution →Mandatory Ind AS for the first group of companies applies to periods starting on or after which date?Read the answer and worked solution →What net worth makes a listed company subject to Ind AS from 1 April 2016?Read the answer and worked solution →A listed company has net worth of Rs 700 crore. From when must it apply Ind AS?Read the answer and worked solution →An unlisted standalone company has net worth of Rs 600 crore. Ind AS becomes mandatory from?Read the answer and worked solution →Rs 300 crore net worth, not listed: from what date does Rule 4 force Ind AS?Read the answer and worked solution →Which start date binds a listed entity holding Rs 120 crore of net worth?Read the answer and worked solution →An unlisted firm enters the 2017 Ind AS phase at net worth of Rs 250 crore up to below?Read the answer and worked solution →Is Ind AS compulsory for a standalone unlisted entity worth only Rs 200 crore?Read the answer and worked solution →A small unlisted subsidiary has a listed parent with net worth of Rs 800 crore. Its Ind AS date is?Read the answer and worked solution →A tiny holding company controls an unlisted firm of Rs 300 crore net worth. Its Ind AS date?Read the answer and worked solution →Is Ind AS mandatory for a company listed on an SME exchange under Rule 4?Read the answer and worked solution →In Rule 4, what do comparatives mean?Read the answer and worked solution →Net worth for Rule 4 thresholds is computed from which statements?Read the answer and worked solution →A company first meets the net worth threshold on 31 March 2017. Ind AS applies from which year?Read the answer and worked solution →A company first crosses the threshold at the close of 31 March 2019. Ind AS starts in?Read the answer and worked solution →Once Ind AS is required, which financial statements does it cover?Read the answer and worked solution →An overseas subsidiary of an Indian company prepares its stand-alone statements under?Read the answer and worked solution →An Indian company with overseas subsidiaries prepares its consolidated statements under?Read the answer and worked solution →An Indian subsidiary of a foreign company must use Ind AS when?Read the answer and worked solution →A company adopts Ind AS voluntarily. The adoption is?Read the answer and worked solution →A mandatory Ind AS company later sees its net worth fall below Rs 250 crore. It?Read the answer and worked solution →A company opting for Ind AS voluntarily must prepare its statements?Read the answer and worked solution →Which Ind AS version applies to a first-time adopter's first set?Read the answer and worked solution →A company starting Ind AS on 1 April 2016 applies standards effective for the year ending?Read the answer and worked solution →Subsidiaries that are payment banks or small finance banks follow the roadmap of?Read the answer and worked solution →SME Exchange in the Ind AS Rules takes its meaning from which regulations?Read the answer and worked solution →With Rs 260 crore sales and Rs 10 crore debt, can an unlisted company be an SMC?Read the answer and worked solution →Is other income counted when testing the SMC turnover limit of Rs 250 crore?Read the answer and worked solution →A small unlisted company is a subsidiary of a large non-SMC. Is it an SMC?Read the answer and worked solution →

Worked practice questions

From which date could any company voluntarily adopt Ind AS?

  1. 1 April 2016
  2. 1 April 2014
  3. 1 April 2015
  4. 1 April 2017
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Correct answer: C. 1 April 2015

Rule 4(1)(i) lets any company apply Ind AS for accounting periods beginning on or after 1 April 2015.

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Mandatory Ind AS for the first group of companies applies to periods starting on or after which date?

  1. 1 April 2017
  2. 1 April 2015
  3. 1 April 2016
  4. 1 April 2018
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Correct answer: C. 1 April 2016

The first mandatory phase covers accounting periods beginning on or after 1 April 2016.

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What net worth makes a listed company subject to Ind AS from 1 April 2016?

  1. Rs 100 crore or more
  2. Rs 1,000 crore or more
  3. Rs 500 crore or more
  4. Rs 250 crore or more
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Correct answer: C. Rs 500 crore or more

Listed companies with net worth of Rs 500 crore or more fall in the first mandatory phase.

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More Accounting topics

AS 3 Cash Flow StatementSchedule III Division I Financial StatementsAS 19 LeasesValuation of Inventories (AS 2)AS 22 Taxes on IncomeAS 28 Impairment of AssetsProperty, Plant and EquipmentAS 17 Segment Reporting