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CA Final · Financial Reporting · Conceptual Framework for Financial Reporting under Indian Accounting Standards (Ind AS)

Arvind Infra Ltd. adopted the Conceptual Framework for Financial Reporting under Ind AS to develop an accounting policy for a transaction not covered by any Ind AS. Its financial year runs from 1 April to 31 March. For preparers, from which accounting period does the Ind AS Conceptual Framework apply?

For preparers of financial statements, the Conceptual Framework for Financial Reporting under Ind AS applies to accounting periods beginning on or after 1 April 2021. The 1 April 2020 date relates to standard-setting activity, and 1 January 2020 is the IASB's date for preparers.

  1. APeriods beginning on or after 1 January 2020
  2. BPeriods beginning on or after 1 April 2020
  3. CPeriods beginning on or after 1 April 2021Correct
  4. DPeriods beginning on or after 1 April 2022

Explanation

The Ind AS Conceptual Framework applies to standard-setting from 1 April 2020 and to preparers for accounting periods beginning on or after 1 April 2021. The 1 January 2020 date is the IASB effective date for preparers, and 1 April 2020 is only for standard-setting.

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