MCQ on Ind AS_Introduction

1. Adoption means application of IFRS issued by IASB as it is in entirety. Convergence means using IFRS issued by IASB with some carve in and carve outs.

                        a) True

                        b) False

                        2. Companies covered in Phase I should have net worth 

                        a) Equal to 500 crores

                        b) Equal and more than 500 crores

                        c) Less than 500 crores

                        d) more than 250 crores but less than 500 crores

                        3. Ind AS will apply to 

                        a) both consolidated as well as standalone financials of the company.

                        b) Only consolidated financials

                        c) Only standalone financials 

                        d) Optional 

   4. Ind AS once adopted either voluntarily or mandatorily can not be revoked in prospective years  even in case of net worth goes down from specified limit or any other criteria given in roadmap.

                        a) True

                        b) False

                        5. As part of Ind AS transition process, companies covered in first phase will have to prepare:

                        a) Opening Ind AS Balance sheet as at 1 April 2015.

                        b) Equity reconciliation b/w Ind AS and Indian GAAP on 1 April 2015 & 31 Mar 2016.

                        c) Income Reconciliation b/w Ind AS and Indian GAAP for the year ending 31 Mar 2016.

                        d) All of the above

                        6. As part of Ind AS transition process, companies covered in first phase will have to prepare:

                        a) Ind AS financial statements as at and for the year ending 31 Mar 2016 for comparative.

                        b) Ind AS Financial statements as at and for year ending 31 Mar 2017.

                        c) Equity reconciliation b/w Ind AS and Indian GAAP on 1 April 2015 & 31 Mar 2016.

                        d) All of the above

                        7. The net worth shall be calculated in accordance with the………………………………. of the                      company as on……………………… or the first audited financial statements for accounting period                which ends after that date;

  

                        a) stand-alone financial statements,31st March, 2014

                        b) consolidated financial statements,31st March, 2014

                        c) consolidated financial statements,1st April, 2015

                        d) consolidated financial statements,1st April, 2014

                        8. Total Number of Ind AS which are notified as of date?

                        a) 39

                        b) 40

                        c) 69

                        d) 66

                        9. For companies covered in phase I, the transition date would be: 

                        a) 1 April 2015

                        b) 31 March 2014

                        c) 31 March 2015

                        d) 1 Apr 2016

                        10. For companies covered in phase I , the company would be required to prepare opening balance sheet at which date:

                        a) 1 April 2015

                        b) 31 March 2014

                        c) 31 March 2015

                        d) 1 April 2016