alleryStart learning →Once a company adopts Ind AS, what is the position?
AIt may revert after three years
BIt cannot revert to old accounting
CIt may revert with auditor consent
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; a company cannot go back to the earlier accounting method.
Keep practising Introduction to General Purpose Financial Statements: Ind AS Applicability and Schedule III Division II
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