Skip to content

CMA Intermediate · Corporate Accounting and Auditing · Presentation of Financial Statements (Ind AS 1)

Under Ind AS 1 as notified in India, which expression is used for the objective of presenting financial statements that faithfully represent financial position, financial performance and cash flows, in place of the IAS 1 term 'fair presentation'?

Ind AS 1 uses the words 'true and fair view' instead of IAS 1's 'fair presentation'. This is the stated difference in its comparison with IAS 1, and it requires faithful representation of financial position, performance and cash flows.

  1. ASubstance over form
  2. BTrue and fair viewCorrect
  3. CGoing concern view
  4. DReasonable assurance

Explanation

The comparison with IAS 1 in Appendix 1 of Ind AS 1 states that the words 'true and fair view' are used instead of 'fair presentation'. Substance over form and going concern are different concepts, and reasonable assurance is an auditing term.

Did you get it right without looking?

One question tells you little. A timed set on Presentation of Financial Statements (Ind AS 1) shows your real accuracy, how long you take and where you lose marks.

Practise Presentation of Financial Statements (Ind AS 1)Free diagnostic mock

More Presentation of Financial Statements (Ind AS 1) questions