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

Meena Pharma Ltd is drafting its Ind AS 105 disclosure note. Its draft refers to the 'statement of financial position' and 'statement of comprehensive income', and to 'authorisation of the financial statements for issue' in the events-after-reporting-period context. What terminology does Ind AS 105 use?

Ind AS 105 uses balance sheet, statement of profit and loss, and approval of the financial statements for issue. These replace the IFRS terms statement of financial position, statement of comprehensive income and authorisation for issue respectively.

  1. ABalance sheet, statement of profit and loss, and approval of the financial statements for issueCorrect
  2. BStatement of financial position, statement of comprehensive income, and authorisation for issue
  3. CBalance sheet, statement of comprehensive income, and authorisation for issue
  4. DStatement of financial position, statement of profit and loss, and approval for issue

Explanation

The comparison says Ind AS 105 uses 'balance sheet' instead of 'statement of financial position', 'statement of profit and loss' instead of 'statement of comprehensive income', and 'approval of the financial statements for issue' instead of 'authorisation'. Only option A has all three correct.

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