Financial Instruments-First Time Adoption & Forex Rate

If pooiing of Interest method is appiied as per AS 14 on amalgamation occured before date of transition then whether balances of assets and liabiiities arising therefrom can be carried forward

• Yes

• No

• balances of assets and liabilities should be restated

• None of the Above

Company X Ltd. has been covered under Phase i of IND AS and needs to apply IND AS from FY 2016-17. Company Y which is an associate company of Company X Ltd. is a charitabie organisation and registered under section 8 of Companies Act, 2013. Does company Y required to comply with Ind AS?

• Yes, from FY 2017-18

• No

• Yes, from FY 2016-17

• Yes, from FY 2018-19

Company B Ltd. is an associate company of Company A Ltd. Company X Ltd. is hoiding company of Company A Ltd. Company X has decided to adopt Ind AS voiuntarily from 2015-16. Whether Company B Ltd. is statutorily required to comply with Ind AS from FY 2015-16?

• Yes

• Company B Ltd. is not statutorily required to comply with Ind AS

• Company B Ltd. has to comply with Ind AS but from FY

  2016-17

• None of the Above

X Ltd. is first time adopter of Ind AS. The date of transition is April 1, 2022. It has given 200 stock options to its empioyees. Out of these 75 stock options have been vested on Nov 30, 2021 and remaining 125 will vest on Nov 30, 2022. Consider foiiowing statements :-

(i) X itd. shall not apply Ind AS 102 on 125 options that will

vest after date of transition

(ii) X Ltd. shall apply Ind AS 102 on 125 options that will

vest after date of transition

(iii) X Ltd. shall apply Ind AS 102 on 75 options vested before date of transition by disciosing pubiically the fair value of those equity instruments, determined at measurement date, as defined in Ind AS 102

(iv) X Ltd. shall not apply Ind AS 102 on 75 options vested but not settied before date of transition and need not disciose the information

Which of the above statement is true

• i, iii, iv

• ii, iii, iv

• ii, iv

• ii, iii

If the entity has transferred its right to receive the cashflows from the asset and but has retained substantially all risk and rewards, then entity shall: 

• Derecognise the asset

• Continue to Recognize the asset

• Partially derecognize the asset

• None of the above

Which of the follwing is not a mandatory exceptions to retrospective application of other ind as?

• Hedge accounting

• Impairment of financial assets

• Business combination

• Government loans

A first time adopter has an option to account for the government loans either prospectively or retrospectively provided the condition specified in Ind AS 101 is met. 

• True

• False

If the estimates made as required by previous GAAP are also consistent with those required by respective Ind AS, then entity shall: 

• Use previous estimates and adjust to reflect Ind AS

• Use previous estimates

• Make new estimates reflecting condition at relevant date

• None of the Above

Infra Finance is a NSE listed NBFC co. having Net worth of Rs. 625 Crores. What is date from where Infra Finance is required to adopt Ind AS mandatorily? 

• 1st April 2016

• 1st April 2017

• 1st April 2018*

• 1st April 2019

Which of the following is a Non-Monetary item?

• Inventories

• PPE

• Intangible Assets

• All of the above