alleryStart learning →Asset type differs under Ind AS. The entity should:
AMention it in a footnote
BWrite it off in profit
CReclassify it as new type
DLeave it as shown before
Answer & Solution
Correct answer: C. Reclassify it as new type
Paragraph 10(c) requires reclassifying items recognised as one type of asset, liability or equity but which are a different type under Ind ASs.
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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: