Skip to content

CA Final · Financial Reporting · Ind AS 113 Fair Value Measurement

Ind AS 116, Leases, amended paragraph 6 of Ind AS 113 as per Appendix B's effective date and transition note. When must an entity apply that amendment?

An entity must apply the amendment to paragraph 6 of Ind AS 113 made by Ind AS 116 when it applies Ind AS 116, Leases. The amendment is tied to adoption of the leases standard, not to other triggers.

  1. AWhen it applies Ind AS 116Correct
  2. BFrom the date the entity first measures any asset at fair value
  3. COnly when it adopts Ind AS 101 for the first time
  4. DRetrospectively from the earliest period presented in every case regardless of Ind AS 116

Explanation

The transition note states that Ind AS 116 amended paragraph 6 and that an entity shall apply that amendment when it applies Ind AS 116. The other options introduce triggers not stated in the text.

Did you get it right without looking?

One question tells you little. A timed set on Ind AS 113 Fair Value Measurement shows your real accuracy, how long you take and where you lose marks.

Practise Ind AS 113 Fair Value MeasurementFree diagnostic mock

More Ind AS 113 Fair Value Measurement questions