Which of the following accounting standards regulate the preparation and presentation of consolidated financial statements? (i) IAS 27, Consolidation and Separate Financial Statements (ii) IFRS 10, Consolidated Financial Statements (iii) IFRS 12, Disclosure of Interests with Other Entities (iv) IAS17, Leases Select one: a. (i), (ii) and (iii) only b. (i) only c. (i), (ii), (iii) and (iv) d. (ii) and (iii) only
Which of the following accounting standards regulate the preparation and presentation of consolidated financial statements? (i) IAS 27, Consolidation and Separate Financial Statements (ii) IFRS 10, Consolidated Financial Statements (iii) IFRS 12, Disclosure of Interests with Other Entities (iv) IAS17, Leases Select one: a. (i), (ii) and (iii) only b. (i) only c. (i), (ii), (iii) and (iv) d. (ii) and (iii) only
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Q19
Which of the following accounting standards regulate the preparation and presentation of consolidated financial statements?
(i) IAS 27, Consolidation and Separate Financial Statements
(ii) IFRS 10, Consolidated Financial Statements
(iii) IFRS 12, Disclosure of Interests with Other Entities
(iv) IAS17, Leases
Select one:
a. (i), (ii) and (iii) only
b. (i) only
c. (i), (ii), (iii) and (iv)
d. (ii) and (iii) only
Expert Solution
Step 1
The purpose of the Indian Accounting Standard is to bring more transparency and accuracy to financial statements in companies' accounts. It prevents the manipulation of data by management and others. CFS stands for consolidated financial statements, which are used to demonstrate the financial situation of a group as a whole.
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