Page 9 - IC46 addendum

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b. Objective of financial statement is to provide
information about financial position, financial
performance and cash flows of entity.

c. Financial statements are structured
representation of financial position and
financial performance of an entity.

d. In India, IFRS is not applied directly. Ind AS
be implemented here in place of direct
implementation of IFRS.

e. 32 accounting standards has been issued till
date in India.

3 Which accounting standard has been

withdrawn?

a. AS 3 b. AS 8

c. AS 12 d. AS 15

e. AS 26

4. Indian accounting standards are set of

accounting standards notified by

Ministry of corporate affairs, which are

conversed with International financial

reporting standards. The abbreviated

form is known as:

a. AS b. Ind AS

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