CA Final Financial Reporting Practice Questions - ICAI CA Final Paper 1 Financial Reporting Exam

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Ind AS 1 'Presentation of Financial Statements' requires an entity that departs from a requirement of an Ind AS in the extremely rare circumstance that compliance would be misleading to do what?

Disclose the departure, the standard departed from, the reason, and the financial effect of the departure for each item Obtain prior approval from the Reserve Bank of India Present the financial statements on a cash basis instead Restate all prior periods presented without any disclosure

Correct Answer:

Disclose the departure, the standard departed from, the reason, and the financial effect of the departure for each item

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