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X Ltd. adopts Ind AS from 1 April 2026 with one year of comparatives. Its DATE OF TRANSITION and OPENING IND AS BALANCE SHEET dates are:
ADate of transition = 1 April 2024; opening Ind AS balance sheet = 1 April 2025
BDate of transition = 31 March 2026; opening Ind AS balance sheet = 1 April 2026
CDate of transition = 1 April 2026; opening Ind AS balance sheet = 1 April 2026
DDate of transition = 1 April 2025; opening Ind AS balance sheet = 1 April 2025
Answer & Solution
Correct answer: D. Date of transition = 1 April 2025; opening Ind AS balance sheet = 1 April 2025
First Ind AS reporting period = FY 2026-27 → comparatives are FY 2025-26 → beginning of earliest comparative = 1 April 2025 → both date of transition and opening Ind AS balance sheet date = 1 April 2025. The opening Ind AS balance sheet is restated/recomputed at this earlier point so that comparative figures are full Ind AS.
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