alleryStart learning →When may an entity depart from an Ind AS requirement?
AWhen the treatment is costly to apply
BWhen compliance would be so misleading
CWhen the auditor suggests another policy
DWhen a rival firm uses another policy
Answer & Solution
Correct answer: B. When compliance would be so misleading
Departure is allowed only in extremely rare cases where compliance would conflict with the objective of financial statements, and where the regulatory framework permits it.
Keep practising Ind AS 1 Presentation of Financial Statements
Browse all Ind AS 1 Presentation of Financial Statements questions for CA Final, or explore more Financialreporting topics.
Related questions
If Ind AS rules are insufficient for users, what is added?In virtually all cases a true and fair view is achieved by what?How are items of dissimilar nature or function presented unless immaterial?Puttable instruments classed as equity need which outflow disclosed?What must be disclosed about externally imposed capital requirements?Capital disclosures follow information given to whom internally?A capital disclosure covers objectives, policies and what?Must estimation uncertainty disclosures include forecasts?