Question

What clarification does the circular provide regarding the revision of audited financial statements?

a.

The audited financial statements must be revised yearly

b.

There is no need to revise the audited financial statements

c.

The audited financial statements must be revised every 2 years

d.

The revision is mandatory for the first 3 years

Posted under IC 89 Management Accounting

Answer: (b).There is no need to revise the audited financial statements Explanation:According to the circular, there is no need to revise the audited financial statements; they remain unchanged for the disclosed past data.

Interact with the Community - Share Your Thoughts

Uncertain About the Answer? Seek Clarification Here.

Understand the Explanation? Include it Here.

Q. What clarification does the circular provide regarding the revision of audited financial statements?
Add Comment

Similar Questions

Explore Relevant Multiple Choice Questions (MCQs)

Q. What clarification is provided regarding the breakup of the motor segment in the guidelines?

View solution

Q. What is the requirement for reporting premium and claims in the guidelines?

View solution

Q. How does the guideline recommend clubbing certain items for newspaper publication?

View solution

Q. What is the purpose of providing relaxation for newspaper publication in the guidelines?

View solution

Q. When is the publication of half-yearly limited review required according to the guidelines?

View solution

Q. What is clarified regarding the computation of the Net Retention Ratio in the guidelines?

View solution

Q. What will be taken into account for the Underwriting Balance Ratio according to the guidelines?

View solution

Q. What is clarified regarding the Investment Yield (Gross and Net) in the guidelines?

View solution

Q. What is mentioned regarding the Conservation Ratio in the guidelines?

View solution

Q. How should the method of calculation of Persistency Ratio be as per the guidelines?

View solution

Q. What is confirmed regarding the L-7 Benefits Paid in the guidelines?

View solution

Q. In case of surrender, how is the computation of ageing of data done for L-39: Data on Settlement of claims?

View solution

Q. What is clarified regarding the schedule references in the guidelines?

View solution

Q. What does "L-1A-RA 'Fund Reserve'" pertain to according to the guidelines?

View solution

Q. What is clarified regarding L-30 and L-31: Related Party Transactions in the guidelines?

View solution

Q. What should be disclosed by way of notes to the Balance Sheet regarding contingent liabilities?

View solution

Q. What is included in the items to be disclosed regarding investments in the notes to the Balance Sheet?

View solution

Q. What should be disclosed in the notes to the Balance Sheet concerning underwriting commitments outstanding?

View solution

Q. What should be disclosed regarding claims not acknowledged as debts in the notes to the Balance Sheet?

View solution

Q. What is included in the items to be disclosed regarding guarantees given by or on behalf of the company in the notes to the Balance Sheet?

View solution
View All MCQs on IC 89 Management Accounting

Recommended Subjects

Are you eager to expand your knowledge beyond IC 89 Management Accounting? We've handpicked a range of related categories that you might find intriguing.

Click on the categories below to discover a wealth of MCQs and enrich your understanding of various subjects. Happy exploring!

IC85 Reinsurance Management

Gear up for success in the Insurance Institute of India (III) examination with IC85...

Professional Communication

Hone your communication skills with our Professional Communication category. Enhance...

Civil Engineering

Dive into the world of Civil Engineering with our specialized category. Explore the...

Virology

Explore the captivating world of Virology with our specialized category. Dive into...

Marketing and Marketing Management

Uncover the strategies and tactics of marketing with our Marketing and Marketing...

Environmental Engineering

Explore the critical field of Environmental Engineering with our dedicated category....

Railway Engineering

Embark on a journey through the world of railway systems with our Railway Engineering...

Biology

Dive into the realm of life sciences with our Biology category. Explore the wonders...

Food Engineering

Explore the fascinating world of Food Engineering with our specialized category....