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    IND AS PUZZLERS: TEST YOUR ACCOUNTING ACUMEN

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    ACROSS:

    2. Operating segments not meeting any of the quantitative thresholds may be


    considered ___________, and separately disclosed, if management believes that
    information about it would be useful to users of the financial statements. (10)

    Related to Chapters of Module 3 only

    © The Institute of Chartered Accountants of India


    4. Short-term employee benefits are expected to be settled wholly _________ twelve
    months after the end of the annual reporting period in which the employees render
    the related service. (6)

    6. If it is probable that future taxable profit will be available, a deferred tax asset shall be
    recognised for the carryforward of ________ tax losses. (6)

    7. As per Ind AS 109, a financial asset is _________ when a counterparty has failed to
    make a contractually due payment. (4,3)

    10. As per Ind AS 21, exchange difference is the difference resulting from __________ a
    given number of units of one currency into another currency at different exchange
    rates. (11)

    11. Objective of Ind AS 21 is to prescribe how to include _________ currency transactions


    and operations in the financial statements of an entity. (7)

    12. As per Ind AS 12, unpaid current tax for current and prior periods shall be recognised
    as a ___________. (9)

    14. Ind 32 states that the ___________ costs of an equity transaction shall be accounted
    for as a deduction from equity. (11)

    19. In case of change in an entity’s functional currency, the translation procedures are
    applicable to the new functional currency _________ from the date of the change.
    (13)

    23. ______ earnings per share is calculated by dividing profit or loss attributable to
    ordinary equity holders of the parent entity by the weighted average number of
    ordinary shares outstanding during the period. (5)

    24. The issuer of a non-derivative financial instrument shall evaluate the terms of the
    financial instrument to determine whether it contains both a liability and an equity
    ___________. (9)

    27. A deferred tax asset shall be recognised for all __________ temporary differences, if it
    is probable that taxable profit will be available against it. (10)

    29. A financial instrument is a __________ that gives rise to a financial asset of one entity
    and a financial liability or equity instrument of another entity. (8)

    © The Institute of Chartered Accountants of India


    30. An entity shall not reclassify any financial _____________. (9)

    31. ________________ on ordinary shares are contracts that give the holder the right to
    sell ordinary shares at a specified price for a given period. (3,7)

    33. Deferred tax liabilities are the amounts of income taxes payable in future periods in
    respect of ___________ temporary differences. (7)

    34. A contract is not an ________ instrument solely because it may result in the receipt or
    delivery of the entity’s own equity instruments. (6)

    35. An entity shall ___________ a financial liability from its balance sheet when the
    obligation specified in the contract is discharged. (6)

    DOWN:

    1. On issuance of a contract that may be settled in ordinary shares or cash at the entity’s
    option, it is presumed by an entity that the contract will be settled in ordinary shares,
    and the resulting potential ordinary shares shall be included in diluted earnings per
    share if the effect is __________. (8)

    2. A related party transaction is a transfer of resources, services or obligations between a


    _____________ entity and a related party, regardless of whether a price is charged.
    (9)

    3. _________ between a parent and its subsidiaries shall be disclosed irrespective of any
    transaction between them. (12)

    5. The gross carrying amount of a financial asset shall be reduced when the entity has no
    __________ expectations of recovering it in its entirety or a portion thereof. (10)

    8. A financial instrument shall be classified on initial recognition as a financial liability, a


    financial asset or an equity instrument as per the ___________ of the contractual
    arrangement and the definitions of a financial liability, a financial asset and an equity
    instrument. (9)

    9. If the total external revenue reported by operating segments constitutes less than 75
    per cent of the entity’s revenue, ________ operating segments shall be identified as

    © The Institute of Chartered Accountants of India


    reportable segments (even if they do not meet the specified criteria) until at least 75
    per cent of the entity’s revenue is included in reportable segments. (10)

    13. Purchased put or call options held by the entity on its own ordinary shares are ______
    included in the calculation of diluted earnings per share. (3)

    15. The term ‘Chief Operating Decision Maker’ identifies a __________, not necessarily a
    manager with a specific title. (8)

    16. Information about other business activities and operating segments that are not
    reportable shall be __________ and disclosed in an ‘all other segments’ category. (8)

    17. Post-employment benefit plans are classified as either ________ contribution plans or
    _________ benefit plans, depending on the economic substance of the plan. (7)

    18. Ind AS 24 requires __________ of related party relationships, transactions and


    outstanding balances, including commitments, in the financial statements. (10)

    20. The objective of the impairment requirements in Ind AS 109 is to recognize lifetime
    expected credit losses for all financial instruments for which there have been
    ____________ increases in credit risk since initial recognition. (11)

    21. _________ items are units of currency held and assets and liabilities to be received or
    paid in a fixed or determinable number of units of currency. (8)

    22. An entity shall _________ a financial asset or a financial liability in its balance sheet
    when, and only when, the entity becomes party to the contractual provisions of the
    instrument. (9)

    25. An _________ share is an equity instrument that is subordinate to all other classes of
    equity instruments. (8)

    26. Contracts that require the entity to ___________ its own shares are reflected in the
    calculation of diluted earnings per share, if the effect is dilutive. (10)

    28. An entity shall account for a _________ plan in the same way as for a multi-employer
    plan. (5)

    © The Institute of Chartered Accountants of India


    32. Net interest on the net defined benefit liability (asset) is the change during the period
    in the net defined benefit liability (asset) that arises from the passage of _________.
    (4)

    To know the answer of the above Ind AS Puzzle, scan the QR Code

    © The Institute of Chartered Accountants of India

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