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

Gomti Pharma Ltd prepares its financial statements under Ind AS and is comparing Ind AS 105 with IFRS 5. Which of the following is a true difference in terminology between them?

Ind AS 105 uses 'balance sheet' in place of 'statement of financial position' and 'statement of profit and loss' in place of 'statement of comprehensive income'. It also says 'approval' rather than 'authorisation' of financial statements for issue, so the terminology is not identical to IFRS 5.

  1. AInd AS 105 uses 'balance sheet' and 'statement of profit and loss' instead of 'statement of financial position' and 'statement of comprehensive income'Correct
  2. BInd AS 105 uses 'statement of financial position' but replaces 'profit' with 'surplus'
  3. CInd AS 105 uses 'authorisation of the financial statements for issue' while IFRS 5 uses 'approval'
  4. DInd AS 105 uses identical terminology to IFRS 5

Explanation

Ind AS 105 uses 'balance sheet' instead of 'statement of financial position' and 'statement of profit and loss' instead of 'statement of comprehensive income'. It also uses 'approval of the financial statements for issue' instead of 'authorisation'. Option C reverses this, so it is wrong.

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