Ind AS Quiz

Which of the following is NOT a requirement for an entity to report segment information under Ind AS 108?

• Debt or equity instruments must be traded in the stock market.

• The financial report must include both Parent's consolidated and standalone financial statement.

• The entity must disclose information about operating segments, products and services, geographic areas, and major customers.

• The entity must disclose segment information only in the Parent's consolidated financial statement.

• All of the above are requirements.

Which of the following is a condition for a component to be classified as an "Operating Segment" under Ind AS 108?

• It does not engage in business activities from which it earns revenues.

• The operating results are not reviewed by the entity's chief operating decision maker (CODM).

• It does not have discrete financial information available.

• It may earn revenues and incur expenses from transactions with other components of the same entity.

• It is not part of the organization's regular decision-making process.

Who might be identified as the Chief Operating Decision Maker (CODM) in an organization under Ind AS 108?

• Only the Chief Executive Officer (CEO).

• The management committee or Board of Directors if involved in operational decision-making.

• Only the Chief Financial Officer (CFO).

• Only the Chief Operating Officer (COO).

• None of the above.

Which of the following is NOT a required disclosure for each reportable segment under Ind AS 108?

• Revenue from external customers.

• Revenue from intra-group transactions.

• Profit and loss of associates.

• Segment liabilities.

• Segment marketing strategies.

Under Ind AS 108, which of the following items must be disclosed for each reportable segment?

• Depreciation and amortization.

• Segment gross profit.

• Market share.

• Number of employees in each segment.

• Total equity for each segment.

Which of the following is true about Related Party Transactions under Ind AS 24?

• The standard restricts transactions with related parties.

• The standard only requires reporting of financial transactions with related parties.

• The standard requires both disclosure of transactions and relationships with related parties.

• Only financial transactions with related parties must be disclosed.

• None of the above.

Which of the following is NOT considered a related party under Ind AS 24?

• A person who has control or joint control over the reporting entity.

• A close member of the family of key managerial personnel.

• A company that is a competitor of the reporting entity.

• An entity that is a parent or subsidiary of the reporting entity.

• A joint venture of the reporting entity.

Which of the following best defines "significant influence" as per Ind AS 24?

• Direct control over the financial and operating policies of the enterprise.

• The power to participate in the financial and operating policy decisions of the entity.

• Ownership of more than 50% of the voting power of an enterprise.

• The ability to make unilateral decisions regarding the entity's financial performance.

• All of the above.

Which of the following is required to be disclosed under Ind AS 24 regarding management compensation?

• Short-term employee benefits only.

• Only long-term benefits such as pension.

• Compensation for key managerial personnel, including short-term and post-employment benefits.

• Only salary details of the CEO.

• None of the above.

What is the primary objective of Ind AS 10 (Events After the Balance Sheet Date)?

• To determine whether financial statements need to be adjusted for events after the reporting period.

• To ensure that financial statements are adjusted for any anticipated events.

• To prohibit any changes to the financial statements after the approval date.

• To dictate the exact sequence of financial statement approval.

• None of the above.