alleryStart learning →A company adopts Ind AS voluntarily. The adoption is?
AReversible after three years
BReversible with auditor nod
CIrrevocable once applied
DReversible after one year
Answer & Solution
Correct answer: C. Irrevocable once applied
Rule 4(8) states that voluntary application of Ind AS is irrevocable.
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Related questions
Under Rule 4, Ind AS binds companies in preparing statements and auditors in what?A small associate of a first-phase company must apply Ind AS from?A company in the process of listing has net worth of Rs 600 crore. Ind AS from?An unlisted entity with the minimum Rs 250 crore net worth begins Ind AS on?At precisely Rs 500 crore net worth, an unlisted entity adopts Ind AS beginning when?ICAI, which houses the Accounting Standards Board, was formed under what?The ICDS notified in February 2015 relate to what?Before Ind AS, Indian companies followed which accounting framework?