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CA Final · Financial Reporting · Ind AS 20 Accounting for Government Grants and Disclosure of Government Assistance

Ind AS 20 uses terminology that differs from IAS 20. In the comparison with IAS 20, which pair of terms correctly reflects the terminology used in Ind AS 20?

Ind AS 20 uses 'balance sheet' instead of 'statement of financial position' and 'statement of profit and loss' instead of 'statement of comprehensive income'. This is a terminology difference from IAS 20 noted in the comparison appendix, so the correct pair is balance sheet and statement of profit and loss.

  1. A'Statement of financial position' and 'Statement of comprehensive income'
  2. B'Balance sheet' and 'Statement of profit and loss'Correct
  3. C'Balance sheet' and 'Statement of comprehensive income'
  4. D'Statement of financial position' and 'Statement of profit and loss'

Explanation

Appendix 1 of Ind AS 20 states that the term 'balance sheet' is used instead of 'Statement of financial position' and 'Statement of profit and loss' is used instead of 'Statement of comprehensive income'. Only option B pairs both Ind AS terms.

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