General Studies · Accounting Standards
A key difference in the Balance Sheet presentation under Schedule III, Part III (Ind AS) compared to Part I (non-Ind AS) of the Companies Act, 2013, is the explicit requirement to present a third Balance Sheet at the beginning of the preceding period. Under what circumstances does this requirement arise?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1When an entity acquires a new subsidiary during the current financial year
- 2When an entity undergoes a standard business combination
- 3When an entity makes a change in accounting estimate prospectively
- 4When an entity applies an accounting policy retrospectively, makes a retrospective restatement of items, or reclassifies items in its financial statements✓
Correct answer
When an entity applies an accounting policy retrospectively, makes a retrospective restatement of items, or reclassifies items in its financial statements
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