CMA Intermediate · Corporate Accounting and Auditing · Conceptual Framework
Which of the following is NOT stated as a purpose of the Conceptual Framework for Financial Reporting under Ind AS?
Overriding an Ind AS is not a purpose of the Framework. Its purposes are to help ICAI formulate consistent standards, help preparers develop consistent policies where no standard applies, and help all parties understand and interpret Ind AS.
- AAssisting ICAI in formulating Ind AS based on consistent concepts
- BAssisting preparers to develop consistent accounting policies when no Ind AS applies to a transaction
- CAssisting all parties to understand and interpret the Ind ASs
- DOverriding an Ind AS where the Framework gives a better treatmentCorrect
Explanation
The three stated purposes are helping ICAI formulate consistent Ind AS, helping preparers develop consistent policies where no Ind AS applies or a choice is allowed, and helping all parties understand and interpret Ind AS. The Framework is not an Ind AS and overrides none, so overriding is not a purpose.
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