CS Executive · Corporate Accounting and Financial Management · Accounting Standards
Which standard in the list of standards applicable to companies not following Ind AS is NOT applicable to Level II, III or IV non-company entities at all, according to the table?
AS 3 Cash Flow Statements is shown as Not Applicable for Level II, III and IV non-company entities. AS 2, AS 9 and AS 12 are all marked Applicable at each of these levels, so AS 3 is the only one excluded.
- AAS 3 Cash Flow StatementsCorrect
- BAS 2 Valuation of Inventories
- CAS 9 Revenue Recognition
- DAS 12 Accounting for Government Grants
Explanation
The table marks AS 3 as Not Applicable for Levels II, III and IV. AS 2, AS 9 and AS 12 are shown as Applicable for all three levels. This is a useful contrast when revising AS 9 and AS 12, which are applicable.
Did you get it right without looking?
One question tells you little. A timed set on Accounting Standards shows your real accuracy, how long you take and where you lose marks.
More Accounting Standards questions
- Under paragraph 6.91 of the Conceptual Framework, an entity estimates a measure using a cash-flow-based technique where the chosen measureme…
- Which of the following is NOT stated as a purpose of the Conceptual Framework for Financial Reporting under Ind AS?
- Under the ICAI Compendium on applicability of Accounting Standards to companies not following Ind AS, which of the following statements abou…
- According to the Preface to the Statements of Accounting Standards, what is the main function of the Accounting Standards Board (ASB) of the…
- Under the Conceptual Framework under Ind AS, information about financial performance reflected by accrual accounting may also indicate the e…
- Under the Conceptual Framework for Financial Reporting under Ind AS, which pair correctly lists the elements that relate to a reporting enti…