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CA Final · Financial Reporting · Ind AS 105 Non-current Assets Held for Sale and Discontinued Operations

A CA Final candidate lists the reasons why certain IFRS 5 paragraph numbers appear in Ind AS 105 even though their content is omitted. Which statement is correct?

Paragraph 43 is omitted because transitional provisions are in Ind AS 101, and paragraphs 44-44L on effective date are omitted as not relevant in India. The paragraph numbers are retained to keep numbering consistent with IFRS 5.

  1. AParagraph 43 (transition) is omitted because transitional provisions are in Ind AS 101, and paragraphs 44-44L (effective date) are omitted as not relevant in India; numbering is retained for consistency with IFRS 5Correct
  2. BParagraph 43 is omitted because it was withdrawn by IFRS 5 itself, and 44-44L are retained with full text
  3. CParagraphs 43 to 44L are omitted and their numbers are also removed, so numbering differs from IFRS 5
  4. DParagraph 43 is retained with full transitional text because Ind AS 101 does not deal with transition

Explanation

The appendix says paragraph 43 is not included because transitional provisions of Ind ASs are placed in Ind AS 101, and paragraphs 44-44L on effective date are not relevant in the Indian context. Their numbers are retained to maintain consistency with IFRS 5 numbering. Options C and D contradict this.

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