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CS Professional · IFSCA - Regulations, Listing and Compliances · Book-keeping, Accounting, Taxation and Financial Crime Compliance Services and TAS

Rohan Fin Books IFSC prepares financial statements for a client unit in GIFT IFSC. Which statement about the accounting framework applied is most appropriate?

Statements should follow a recognised framework applicable to the client, such as Ind AS or IFRS where permitted for IFSC entities. Self-devised or cash-only bases are not acceptable, and IFSC units are not excused from preparing financial statements.

  1. AStatements should follow an accepted framework applicable to the client, such as Ind AS or IFRS as permitted for IFSC entitiesCorrect
  2. BAny framework the preparer invents is acceptable
  3. COnly cash-basis receipts statements are allowed
  4. DStatements need not be prepared at all for IFSC units

Explanation

IFSC units follow recognised accounting standards, with IFRS being permitted for many IFSC entities alongside Ind AS. A provider must apply the framework applicable to the client. Self-invented or cash-only bases are not acceptable.

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