alleryStart learning →Policies must comply with Ind ASs in force at:
AThe first AGM date
BEnd of first Ind AS period
CStart of earliest period
DDate of transition
Answer & Solution
Correct answer: B. End of first Ind AS period
Policies must follow each Ind AS effective at the end of the first Ind AS reporting period, applied back to the opening balance sheet.
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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: