alleryStart learning →If law prohibits departing from an Ind AS, what must the entity do?
AStop issuing financial statements
BIgnore the misleading aspects entirely
CDepart quietly without disclosure
DDisclose the adjustments needed to correct it
Answer & Solution
Correct answer: D. Disclose the adjustments needed to correct it
Where departure is prohibited, the entity reduces the misleading effect as far as possible by disclosing the standard, the reason and the adjustments that would be needed.
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?