Ind AS Overview & ConsolidationMCQQuestion 5752 of 6

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

Options

AIt requires consolidation of financial statements for all types of entities

BIt prohibits consolidation of financial statements for all types of entities

CIt requires consolidation of financial statements for parent entities that have subsidiaries

DIt requires consolidation of financial statements only for listed entities

For any discrepancies in this question, email contact@cadada.in

Correct Answer

✅ Option C — It requires consolidation of financial statements for parent entities that have subsidiaries

All Options:

AIt requires consolidation of financial statements for all types of entities
BIt prohibits consolidation of financial statements for all types of entities
CIt requires consolidation of financial statements for parent entities that have subsidiaries ✓
DIt requires consolidation of financial statements only for listed entities

Detailed Solution & Explanation

Ind AS 110 - Consolidated Financial Statements requires a parent entity to present consolidated financial statements that combine the financial statements of the parent and its subsidiaries. The standard applies to parent entities that have subsidiaries, and requires the consolidation of financial statements to provide a comprehensive picture of the group's financial position and performance.

This solution has been verified by multiple AI reviewers for accuracy.

Ready to Master Ind AS Overview & Consolidation?

Practice all 6 questions with instant feedback, earn XP, track your streaks, and ace your CA Foundation exam.

Start Practicing — It's Free