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CMA Final · Corporate Financial Reporting · Consolidated Financial Statements and Separate Financial Statements

Which set of terms does Ind AS 28 state are defined in Ind AS 27 and Appendix A of Ind AS 110 and used with the same meanings?

Ind AS 28 borrows the terms control of an investee, group, parent, separate financial statements and subsidiary from Ind AS 27 and Appendix A of Ind AS 110. Terms like equity method are defined in Ind AS 28 itself, so the first option is correct.

  1. AControl of an investee, group, parent, separate financial statements and subsidiaryCorrect
  2. BJoint arrangement, equity method, associate, significant influence and joint venture
  3. CFair value, impairment loss, goodwill and cash-generating unit
  4. DOperating segment, reportable segment, chief operating decision maker and segment revenue

Explanation

Paragraph 4 of Ind AS 28 lists control of an investee, group, parent, separate financial statements and subsidiary as defined in Ind AS 27 and Ind AS 110. Equity method and joint arrangement are defined within Ind AS 28 itself. The other sets belong to other standards.

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