Skip to content

CA Final · Financial Reporting · Ind AS 8 Accounting Policies, Changes in Accounting Estimates and Errors

A CA Final student compares Ind AS 8 with IAS 8 and lists differences for Rohini Engineering Ltd's reporting team. Which of the following lists is consistent with Appendix 1 of Ind AS 8?

Ind AS 8 uses the terms balance sheet and Statement of profit and loss, and it retains paragraph number 6 even though that paragraph appears as deleted in IAS 8. Paragraphs 54-54E of IAS 8 are not included, and 'approval' replaces 'authorisation'.

  1. AInd AS 8 uses 'Statement of financial position' and 'Statement of comprehensive income'; paragraph 6 contains new Indian guidance
  2. BInd AS 8 uses 'balance sheet' and 'Statement of profit and loss'; paragraph 6 appears as deleted in IAS 8 and its number is retained in Ind AS 8Correct
  3. CInd AS 8 uses 'balance sheet' and 'Statement of profit and loss'; paragraphs 54-54E of IAS 8 are included in full in Ind AS 8 as they are relevant in India
  4. DInd AS 8 uses 'authorisation of the financial statements for issue' instead of 'approval of the financial statements for issue'

Explanation

Appendix 1 states that Ind AS 8 uses 'balance sheet' and 'Statement of profit and loss', and that paragraph 6 appears as deleted in IAS 8 with its number retained in Ind AS 8. Paragraphs 54-54E are not included, only their numbers retained, and the words 'approval of the financial statements for issue' are used instead of 'authorisation'.

Did you get it right without looking?

One question tells you little. A timed set on Ind AS 8 Accounting Policies, Changes in Accounting Estimates and Errors shows your real accuracy, how long you take and where you lose marks.

Practise Ind AS 8 Accounting Policies, Changes in Accounting Estimates and ErrorsFree diagnostic mock

More Ind AS 8 Accounting Policies, Changes in Accounting Estimates and Errors questions