Following statements are given to you in context of Ind AS 101 'First Time Adoption of Ind AS': (i) An entity shall not make estimates in accordance…

CA Final · Financial Reporting · PYQS · November 2024
Following statements are given to you in context of Ind AS 101 'First Time Adoption of Ind AS': (i) An entity shall not make estimates in accordance with Ind AS at the date of transition to Ind AS that were not required at that date under previous GAAP. (ii) In particular, estimates at the date of transition to Ind AS of market prices, interest rates or foreign exchange rates shall reflect market conditions at that date. (iii) An entity may need to make estimates in accordance with Ind AS at the date of transition in Ind AS that were not required at that date under previous GAAP. (iv) To achieve consistency with Ind AS 10, estimates in accordance with Ind AS shall reflect conditions that existed at the date of transition to Ind AS. Which of the above statements are true in context of Ind AS 101?
(A) Only (i), (ii) and (iii) are true
(B) Only (i) and (ii) are true
(C) Only (ii), (iii) and (iv) are true
(D) Only (iii) and (iv) are true

Suggested Answer and Working Notes:

Correct Answer: Option (C)

Only (ii), (iii) and (iv) are true

Topics: Ind AS 101, Ind AS 1, General

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