Skip to content

CMA Final · Corporate Financial Reporting · Accounting Policies, Changes in Accounting Estimates and Errors (Ind AS 8)

Which statement about the relationship between Ind AS 8 and IAS 8 is correct according to the comparison in the Ind AS compendium?

Paragraphs 54-54E of IAS 8, dealing with effective date and transition, are omitted from Ind AS 8 as not relevant in India, but their paragraph numbers are retained for consistency. Paragraph 6 appears as deleted, and IASB pronouncements may still be considered when no Ind AS applies.

  1. AParagraphs 54-54E of IAS 8 on effective date and transition are not included in Ind AS 8, but their paragraph numbers are retainedCorrect
  2. BInd AS 8 contains the effective date paragraphs of IAS 8 in full
  3. CParagraph 6 of IAS 8 is retained in full text in Ind AS 8
  4. DInd AS 8 prohibits management from considering any IASB pronouncements

Explanation

The comparison notes that IAS 8 paragraphs 54-54E on effective date and transition are not included in Ind AS 8 as they are not relevant in the Indian context, though the numbers are retained for consistency. Paragraph 6 is shown as deleted, and IASB pronouncements may first be considered, so the other options are wrong.

Did you get it right without looking?

One question tells you little. A timed set on Accounting Policies, Changes in Accounting Estimates and Errors (Ind AS 8) shows your real accuracy, how long you take and where you lose marks.

Practise Accounting Policies, Changes in Accounting Estimates and Errors (Ind AS 8)Free diagnostic mock

More Accounting Policies, Changes in Accounting Estimates and Errors (Ind AS 8) questions