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

In Ind AS 105, which terminology is used in place of the IFRS 5 terms 'statement of financial position' and 'statement of comprehensive income'?

Ind AS 105 uses the terms 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 of financial statements for issue instead of authorisation.

  1. ABalance sheet and Statement of profit and lossCorrect
  2. BStatement of assets and Income statement
  3. CBalance sheet and Income statement
  4. DStatement of net worth and Statement of profit and loss

Explanation

The comparison with IFRS 5 states 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' rather than 'authorisation' of financial statements for issue.

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