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Mandatory Ind AS 103 disclosures include 'revenue and profit or loss of the COMBINED ENTITY for the current reporting period AS THOUGH the acquisition date for all business combinations had been the beginning of the annual reporting period'. This pro-forma is:
AOptional for unlisted entities
BRequired only for cross-border acquisitions
CRequired in the notes; if impracticable to disclose, the fact and reasons must be explained (using Ind AS 8 meaning of 'impracticable')
DRequired to be audited and included in the body of the income statement
Answer & Solution
Correct answer: C. Required in the notes; if impracticable to disclose, the fact and reasons must be explained (using Ind AS 8 meaning of 'impracticable')
Paragraph 59(q)(ii) requires the pro-forma in the notes. Where impracticable (Ind AS 8 sense), the entity must disclose that fact and explain why. It is not 'optional' for unlisted entities and is not part of the primary income statement.
Related questions
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