Ind AS Overview & ConsolidationMCQQuestion 5750 of 6
All Questions

Which of the following is a key feature of Ind AS?

Options

AMandatory application for all companies
BVoluntary application for all companies
CMandatory application for listed companies and certain other companies
DApplication only for companies with foreign operations
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Correct Answer

✅ Option C — Mandatory application for listed companies and certain other companies

All Options:

  • AMandatory application for all companies
  • BVoluntary application for all companies
  • CMandatory application for listed companies and certain other companies ✓
  • DApplication only for companies with foreign operations

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Detailed Solution & Explanation

Ind AS stands for Indian Accounting Standards, which are converged with International Financial Reporting Standards (IFRS). The application of Ind AS is mandatory for certain companies as per the Companies (Indian Accounting Standards) Rules, 2015.
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More Questions from Ind AS Overview & Consolidation

What is the primary objective of consolidation of financial statements?

Which of the following statements is true about Ind AS 110 - Consolidated Financial Statements?

Explain the concept of control in the context of consolidation of financial statements, and provide examples of scenarios where control may exist.

Discuss the key differences between Ind AS and IFRS, and explain the reasons for these differences.

Analyze the provisions of Ind AS 111 - Joint Arrangements, and explain the accounting treatment for joint operations and joint ventures.

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