alleryStart learning →The opening Ind AS balance sheet is prepared as at which date?
AEnd of first Ind AS year
BDate the board adopts Ind AS
CDate of transition to Ind AS
DDate of the annual meeting
Answer & Solution
Correct answer: C. Date of transition to Ind AS
Paragraph 6 requires the opening Ind AS balance sheet at the date of transition, the starting point for Ind AS accounting.
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Related questions
Once a company follows Ind AS, voluntarily or mandatorily, can it revert to the old methodCompanies with Rs 500 crore net worth were mandatorily covered from:Under IFRS 1, adjustments from using a different earlier GAAP are recognised directly in:The December 2010 amendment to IFRS 1 guided entities emerging from:The restructured version of IFRS 1 was issued on:IFRS 1 was first issued in which month and year?Which body issued IFRS 1, the model for Ind AS 101?Ind AS 101 was notified by the MCA vide G.S.R. 111(E) dated: