Page 18 - IC46 addendum

General Insurance Accounts (IC-46)

d. AS 3, AS13, AS 17
e. AS 3, AS13, AS 27

21. As compared with AS1, what additional
aspects are covered by IND AS 1:

a. IND AS 1 on presentation of financial
statements, deals with presentation of
financial statements while AS1 deals with
disclosure of accounting policies.

b. IND AS 1 allows deviation from requirement
of an accounting standard and provides
criteria for classification of current/non-current
assets/liabilities.

c. IND AS 1 prohibits presentation of any item
as extraordinary item in the statement of profit
and loss or in notes.

d. I ND AS 1 requires disclosure of judgments
made by management while framing
accounting policies.

e. All above.

22. As compared with AS2, what additional
aspects are covered by IND AS 2:

a. IND AS2 deals with subsequent recognition
of cost/carrying amount of inventory is as an
expense.

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