alleryStart learning →Ind AS estimates at the transition date must match estimates under old GAAP unless there is:
AA fall in the share price
BObjective evidence of error
CA request by the board
DA change of auditor
Answer & Solution
Correct answer: B. Objective evidence of error
Paragraph 14 keeps estimates consistent with previous GAAP unless objective evidence shows the estimates were in error.
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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: