S.No.

Questions

1

Who has the power to Notify Ind AS?

2

On which date Ind AS became applicable in India?

3

Ind AS is Adoption of IFRS or Converged with IFRS?

4

How Many Ind AS are prevailing today? (give no.)

5

Does Ind AS Prescribe any presentation format of Financial statements? (Yes/No)

6

Can Entity Rectify any inappropriate policy by giving disclosures in notes or by explanatory information? (Yes/No)

7

Whether it is Mandatory to apply all Ind AS during preparation of Financial statements? (Yes/No)

8

Indian Accounting Standards (Ind ASs) are Standards prescribed under Section ____of the Companies Act, 2013?

9

An entity shall not present any items of income or expense as extraordinary items, in the statement of profit and loss or in the notes? (Yes/No)

10

When items of income or expense are material, an entity shall disclose their nature and amount separately? (Yes/No)