alleryStart learning →Which ministry spells out accounting standards applicable to companies?
AMinistry of Corporate Affairs
BMinistry of Finance (Revenue)
CMinistry of Commerce and Industry
DMinistry of Law and Justice
Answer & Solution
Correct answer: A. Ministry of Corporate Affairs
The MCA notifies which accounting standards apply to companies after NFRA recommends them.
Keep practising Introduction to General Purpose Financial Statements: Ind AS Applicability and Schedule III Division II
Browse all Introduction to General Purpose Financial Statements: Ind AS Applicability and Schedule III Division II questions for CA Final, or explore more Financialreporting topics.
Related questions
Under the accrual basis, an item is recognised when it meets what?Cash flows that change the size of contributed equity and borrowings are classed as what?Cash flows from acquiring and disposing of long-term assets are classed as what?Under IAS 1, how are items of dissimilar nature shown?IAS 1 says presentation and classification should do what?IAS 1 requires a complete set of financial statements at least how often?IAS 1 says assets and liabilities must not be offset unless what?A complete set of IFRS statements includes which of these?