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Under Ind AS 34, the same accounting policies as in the most recent annual FS are applied in interim FS, EXCEPT:
AWhen the chief operating decision maker requests changes
BFor accounting policy changes made after the date of the most recent annual FS that are to be reflected in the next annual FS
CWhen the entity wishes to adopt different policies for interim periods
DFor seasonally distorted policies
Answer & Solution
Correct answer: B. For accounting policy changes made after the date of the most recent annual FS that are to be reflected in the next annual FS
Same policies apply — except for changes that occurred after the last annual FS that will be reflected in the next annual FS (these are also applied in interim periods).
Related questions
Which of the following is INCORRECT about MATERIALITY assessment under Ind AS 34?An entity's estimate of an amount reported in an interim period changes SIGNIFICANTLY in tCONTRACTUAL volume rebates / discounts that are PROBABLE of being earned by year-end (becaAn entity recognises an inventory write-down to NRV ₹50,000 in Q2; in Q4, NRV recovers andDEPRECIATION AND AMORTISATION for an interim period is computed based on:EMPLOYER PAYROLL TAXES assessed on an annual basis with a per-employee earnings cap shouldMAJOR PLANNED PERIODIC MAINTENANCE or OVERHAUL expected to occur late in the year is, for Year-end BONUSES can be anticipated for interim reporting purposes if and only if: