alleryStart learning →Which Ind AS version applies to a first-time adopter's first set?
AThose effective at first period end
BThose effective at incorporation
CThose effective ten years earlier
DThose effective at next audit
Answer & Solution
Correct answer: A. Those effective at first period end
Rule 4(4) requires the first set to follow the standards effective at the end of the first Ind AS reporting period.
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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?