S1: Ind AS 109 deals with Financial Instruments. S2: Ind AS 113 deals with Fair Value Measurement. Which statement(s) is/are correct? MCQ with Answer and Explanation
S1: Ind AS 109 deals with Financial Instruments. S2: Ind AS 113 deals with Fair Value Measurement. Which statement(s) is/are correct?
A. S1 only
B. Neither S1 nor S2
C. S2 only
D. Both S1 and S2
Answer: Option D
Solution (By JKSSB Mock Tests)
Ind AS 109 prescribes the requirements for the recognition, measurement, impairment, derecognition, and hedge accounting of financial instruments. Ind AS 113 defines fair value and sets out its measurement framework. Both are correct.
Explanation:
Common subfields include financial, cost, management, tax, social responsibility accounting. Social Science Accounting is not a recognized subfield.
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