alleryStart learning →Main adjustments to old GAAP summaries must be disclosed but:
ANeed not be quantified
BMust be approved by MCA
CMust be fully quantified
DMust be audited separately
Answer & Solution
Correct answer: A. Need not be quantified
Paragraph 22(b) says the entity need not quantify those adjustments.
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: