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CA Final · Financial Reporting · Ind AS 105 Non-current Assets Held for Sale and Discontinued Operations

Anand Foods Ltd's reporting team is listing terminology differences between Ind AS 105 and IFRS 5 for a training note. Which pairing is correct as per the Comparison with IFRS 5 in Ind AS 105?

Ind AS 105 uses 'balance sheet' instead of 'statement of financial position', 'statement of profit and loss' instead of 'statement of comprehensive income', and 'approval of the financial statements for issue' instead of 'authorisation' in the events after the reporting period context.

  1. A'Balance sheet' is used instead of 'Statement of financial position', and 'approval of the financial statements for issue' instead of 'authorisation of the financial statements for issue'Correct
  2. B'Statement of financial position' is used instead of 'Balance sheet', and 'authorisation' instead of 'approval'
  3. C'Income statement' is used instead of 'Statement of profit and loss'
  4. D'Statement of comprehensive income' is used instead of 'Statement of profit and loss'

Explanation

Ind AS 105 uses 'balance sheet' rather than 'statement of financial position' and 'statement of profit and loss' rather than 'statement of comprehensive income'. It also uses 'approval of the financial statements for issue' rather than 'authorisation'. The other options reverse or invent the terminology.

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