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Under Ind AS 101, the DATE OF TRANSITION to Ind AS is:
AThe first day of the entity's first Ind AS reporting period
BThe date when the auditor signs the first Ind AS audit report
CThe date when the Companies Act first applies Ind AS to the entity
DThe beginning of the earliest period for which an entity presents FULL COMPARATIVE INFORMATION under Ind AS
Answer & Solution
Correct answer: D. The beginning of the earliest period for which an entity presents FULL COMPARATIVE INFORMATION under Ind AS
Definition (5) — date of transition is the beginning of the earliest comparative period. If first Ind AS reporting period is FY 2026-27 with one year of comparatives, the date of transition is 1 April 2025. The opening Ind AS balance sheet is prepared at this date. Importantly, this is BEFORE the first Ind AS reporting period.
Related questions
Ind AS 101 grants several OPTIONAL EXEMPTIONS to reduce transition burden. These exemptionUnder Ind AS 101's impairment exception, if determining whether there has been a SIGNIFICAUnder Ind AS 101, an entity's CLASSIFICATION of financial assets under Ind AS 109 (amortisUnder Ind AS 101, an entity's opening Ind AS balance sheet shows a DEFICIT NCI balance thaA company's foreign subsidiary uses IFRS for its local financial reporting but prepares acUnder Ind AS 101, HEDGE ACCOUNTING at the date of transition requires the entity to:X Ltd. adopts Ind AS from 1 April 2026 with one year of comparatives. Its DATE OF TRANSITIUnder Ind AS 101, NON-CONTROLLING INTERESTS rules of Ind AS 110 apply: