CS Executive · Corporate Accounting and Financial Management · Accounting Standards
Which of the following is NOT stated as a purpose of the Conceptual Framework for Financial Reporting under Ind AS?
Overriding a specific Ind AS is not a stated purpose of the Conceptual Framework. Its purposes are to help ICAI formulate consistent standards, help preparers develop consistent policies when no standard applies or a choice exists, and help all parties understand Ind AS.
- ATo override the requirements of a specific Ind AS where the Framework differsCorrect
- BTo assist ICAI in formulating Ind AS based on consistent concepts
- CTo assist preparers in developing consistent accounting policies when no Ind AS applies to a transaction
- DTo assist all parties to understand and interpret the Ind ASs
Explanation
The stated purposes are to assist ICAI in formulating Ind AS on consistent concepts, to help preparers develop consistent policies where no Ind AS applies or where a choice exists, and to help all parties understand and interpret Ind AS. Overriding a specific Ind AS is not a stated purpose.
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