alleryStart learning →Once a company adopts Ind AS, voluntarily or mandatorily:
AIt may revert after two years
BIt cannot revert to old accounting
CIt must seek approval yearly
DIt may revert if net worth falls
Answer & Solution
Correct answer: B. It cannot revert to old accounting
Adoption of Ind AS is a one-way step; reverting to the earlier accounting is not permitted.
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Related questions
Ind AS 107 deals with disclosures relating to which subject?Which body recommends Ind AS to the Ministry of Corporate Affairs?Equity rose from Rs 10,00,000 to 11,50,000; owners added 60,000, dividends 20,000. ComprehConsolidated statements show parent and subsidiaries as:A cash flow statement reports activities under which three heads?Which statement is a snapshot at one date?Foreseeable future for going concern is usually:Going concern basis applies unless: