alleryStart learning →May a first-time adopter choose not to apply Ind AS 103 retrospectively to past business combinations?
AOnly for deals abroad
BYes, it may elect not to
COnly for small deals
DNo, it is mandatory
Answer & Solution
Correct answer: B. Yes, it may elect not to
Paragraph C1 lets a first-time adopter elect not to apply Ind AS 103 to combinations before the transition date.
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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: