alleryStart learning →Using different versions of Ind ASs from earlier dates is:
AProhibited for a first-time adopter
BAllowed in the opening balance sheet
CRequired for the comparative year
DAllowed if the auditor agrees
Answer & Solution
Correct answer: A. Prohibited for a first-time adopter
Only the latest effective version is used; the standard bars mixing versions that applied at earlier dates.
Keep practising Ind AS 101 First-time Adoption of Indian Accounting Standards
Browse all Ind AS 101 First-time Adoption of Indian Accounting Standards questions for CA Final, or explore more Financialreporting topics.
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: