Page 22 - IC46 addendum

General Insurance Accounts (IC-46)

a. IND AS8 describes the criteria for selecting
and changing accounting policies, accounting
treatment and disclosure of changes in
accounting policies, treatment and disclosure.

b. IND AS8 specifically provides that an entity
shall select and apply its accounting policies
consistently for similar transactions, other
events and conditions.

c. IND AS8 requires that changes in accounting
policies would be accounted for with
retrospective effect, subject to limited
exceptions.

d. IND AS8 requires rectification of material
prior period errors with the retrospective
effect, subject to limited exceptions.

e. All are correct.

27. Which of the statement is correct in
respect of IND AS:

a. IND AS 16 covers accounting and
depreciation on property, plant and
equipment.

b. IND AS 16 does not excludes accounting for
real estate developers from its scope.

c. IND AS 16 lays down the criteria which should
be satisfied for recognition of items of

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