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Under Ind AS 101, FIRST IND AS FINANCIAL STATEMENTS are:
AAny financial statements that voluntarily restate prior-period figures
BThe first quarterly financial results published under Ind AS
CThe first financial statements where any Ind AS is partially applied
DThe first annual financial statements in which an entity adopts Ind AS by giving an EXPLICIT AND UNRESERVED STATEMENT OF COMPLIANCE with Ind AS
Answer & Solution
Correct answer: D. The first annual financial statements in which an entity adopts Ind AS by giving an EXPLICIT AND UNRESERVED STATEMENT OF COMPLIANCE with Ind AS
Para 3 — first Ind AS FS require an explicit AND unreserved compliance statement covering ALL Ind AS. Partial compliance (applying some Ind AS) doesn't qualify. Quarterly interim financial reports are within scope only when they're part of the period covered by the first Ind AS FS.
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