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MCQ-F101-6 - Answer Key

Co. X is required to adopt IndAS from FY 2016-17, since net worth is more than 500 crore

After acquisition, Co. Y will also prepare financial statements as per IndAS from 2016-17 onwards as because acquisition held in 2016-17.

Moreover, as far as quarterly results are concerned, Co. Y has become associate as on 31-10-2016, hence Y will prepare financial statements form the quarter ended Dec 2016 onwards.

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