1 / 5   Non-current assets are classified as assets held for sale when their carrying amount is to be recovered principally through

Sale of assets Use in ordinary course of business Use or sale transaction Exchange of the assets

2 / 5   IFRS is developed primarily for what type of financial reporting?

External to Shareholders and investors Internal to management Reporting to the employees To tax authorities for disclosing taxable income

3 / 5   In case of a conflict between the conceptual framework and the requirements of an accounting standard under IFRS?

Requirements of IFRS prevail over conceptual framework. Requirements of conceptual framework prevail over IFRS. At discretion of management. Both will prevail equally.

4 / 5   Recoverable amount of non-monetary assets(In case of impairment) is translated at the exchange rate

When such recoverable amount is determined At the balance sheet date At the beginning of year Average rate

5 / 5   If the accounting policies of a parent and subsidiary are not uniform then while preparing the consolidated financial statement

Consolidation adjustment has to be made No consolidation adjustment is required Only disclosure is required in notes to accounts Disclosure is required in director's report