1.
____________ prescribes the accounting principles for first-time adoption of Ind AS.
Exam Year(s)
DSSSB - 2023,
Answer: A
Ind AS 101 prescribes the accounting principles for first-time adoption of Ind AS (First-time Adoption of Indian Accounting Standards). Ind AS 102 deals with share-based payment, Ind AS 103 with business combinations and Ind AS 104 with insurance contracts. Only the standard numbered 101 is the one for the first-time adopter.
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