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CA Final · Financial Reporting · Ind AS 1 Presentation of Financial Statements

A CA is reviewing Ind AS 1 and notes that Ind AS 1 contains paragraph numbers such as 8, 37 and some in the 139 series with no operative text. What is the reason stated in the standard's comparison with IAS 1?

The paragraph numbers are retained only to keep consistency with IAS 1 numbering. Where Ind AS 1 removed alternatives, as in paragraphs 8 and 37, or omitted transition and effective date paragraphs as irrelevant in the Indian context, the numbers were kept even though the text was deleted or not included.

  1. AThe paragraphs were left blank because they will be notified in future
  2. BThe paragraph numbers are retained to maintain consistency with IAS 1 numbering, though text was deleted or not includedCorrect
  3. CThe paragraphs apply only to entities that opt for IFRS
  4. DThe paragraphs were replaced by Companies Act provisions

Explanation

The comparison states that paragraph 8 and 37 are retained after removal of alternatives to maintain consistency with IAS 1 paragraph numbers, and the transition and effective date paragraphs 139 to 139M and 139O-139P are not included as irrelevant in the Indian context, again with numbers retained. The reason is numbering consistency, not future notification.

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