Question

In case of any departure from accounting policies, what is required to be disclosed?

a.

No disclosure is required for departure from accounting policies

b.

Only the reasons for departure need to be disclosed

c.

Departure from accounting policies is not allowed

d.

Departure from accounting policies should be separately disclosed with reasons

Answer: (d).Departure from accounting policies should be separately disclosed with reasons Explanation:In case of any departure from accounting policies, it should be separately disclosed with reasons for such departure.

Interact with the Community - Share Your Thoughts

Uncertain About the Answer? Seek Clarification Here.

Understand the Explanation? Include it Here.

Q. In case of any departure from accounting policies, what is required to be disclosed?

Similar Questions

Explore Relevant Multiple Choice Questions (MCQs)

Q. What should an insurance company disclose regarding accounting policies?

Q. What basis should be disclosed concerning operating expenses relating to insurance business?

Q. What should be disclosed regarding the value of contracts in relation to investments for purchases where deliveries are pending?

Q. How should an insurance company disclose the extent of premium income recognized based on varying risk patterns, category-wise?

Q. What information should be disclosed regarding premiums written from business in/outside India?

Q. What does "Ageing of claims" refer to in the context of disclosure for insurance companies?

Q. What information should be disclosed concerning the percentage of business sector-wise?

Q. What should be disclosed regarding assets required to be deposited under local laws?

Q. What is the requirement for disclosing the segregation into performing/non-performing investments for income recognition?

Q. What should be disclosed regarding investments made in accordance with any statutory requirement?

Q. What is the significance of disclosing accounting policies in financial statements for an insurance company?

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?

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

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

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

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

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

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

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

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

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!