CS Executive · Corporate Accounting and Financial Management · Introduction to Corporate Accounting
According to the scope paragraph of Ind AS 1, an entity applies the Standard in preparing and presenting which kind of statements in accordance with Ind ASs?
Ind AS 1 applies to the preparation and presentation of general purpose financial statements in accordance with Indian Accounting Standards. These serve a wide range of external users, unlike internal management accounts or statements prepared only for tax authorities or particular regulators.
- AGeneral purpose financial statementsCorrect
- BSpecial purpose statements for tax authorities only
- CManagement accounts for internal use
- DCost statements for regulators
Explanation
The scope paragraph of Ind AS 1 says an entity shall apply the Standard in preparing and presenting general purpose financial statements in accordance with Ind ASs. Internal management reports and tax-specific statements are not the stated scope.
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