MCQ on Ind AS 1

The objective of Ind AS 1 Presentation of Financial Statements is to:

a)      provide basis for presentation of general purpose financial statements

b)       sets out overall requirements for the presentation of financial statements,

c)       sets out guidelines for financial statements structure

d)       All of the above

An entity shall apply Ind AS 1 in:

a)      preparing and presenting general purpose financial statements in accordance with Indian Accounting Standards (Ind ASs).

b)      preparing and presenting financial statements in accordance with Indian Accounting Standards (Ind ASs).

c)      preparing and presenting financial statements in accordance with Accounting Standards.

d)     preparing and presenting general purpose financial statements in accordance with Accounting Standards.

Ind AS 1 does not apply to the

a)      structure and content of condensed interim financial statements

b)      financial statements prepared in accordance with Ind AS 34, Interim Financial Reporting.

c)      None of the above

d)     Both  a and b

Ind AS 1 “Presentation of financial statements” applies to

a)      Consolidated financial statements in accordance with Ind AS 110, Consolidated Financial Statements,

b)      Separate financial statements in accordance with Ind AS 27, Separate Financial Statements.

c)      Both of the above

d)     Only a

Ind AS 1 does not apply to

a)      The structure and content of Financial Statements prepared in accordance with Ind AS 34, Interim Financial Reporting

b)      Consolidated FS in accordance with Ind AS 110, Consolidated Financial Statements

c)      Separate FS in accordance with Ind AS 27, Separate Financial Statements

d)     None of the above