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CS Executive · Corporate Accounting and Financial Management · Introduction to Corporate Accounting

Under Ind AS 1, true and fair presentation requires faithful representation of the effects of transactions, other events and conditions in accordance with definitions and recognition criteria for which items?

Ind AS 1 requires faithful representation of the effects of transactions, other events and conditions in line with the definitions and recognition criteria for assets, liabilities, income and expenses set out in the Conceptual Framework for Financial Reporting under Ind AS issued by ICAI.

  1. AAssets, liabilities, income and expenses, as set out in the Conceptual FrameworkCorrect
  2. BOnly assets and liabilities, as set out in the Companies Act, 2013
  3. CCash receipts and cash payments, as set out in Schedule III
  4. DShare capital and reserves, as set out in the articles of association

Explanation

Ind AS 1 links true and fair presentation to faithful representation using the definitions and recognition criteria for assets, liabilities, income and expenses in the Conceptual Framework issued by ICAI. The other options name wrong items or wrong sources.

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