Skip to content

CMA Final · Corporate Financial Reporting · Fair Value Measurement (Ind AS 113)

A CMA student notes that paragraphs C1-C5 of IFRS 13 do not appear as text in Ind AS 113, yet the paragraph numbers are retained. What reason does Appendix 1 of Ind AS 113 give?

Paragraphs C1-C5 of IFRS 13 are omitted because they concern effective date and transition, which are not relevant in the Indian context. Their paragraph numbers are still retained in Ind AS 113 to keep numbering consistent with IFRS 13.

  1. AThey deal with effective date and transition, which are not relevant in the Indian context, and numbering is retained for consistency with IFRS 13Correct
  2. BThey were replaced by higher-level Schedule III disclosures that apply instead
  3. CThey relate to retirement benefit plans that companies in India do not operate
  4. DThey were removed because Ind AS 113 defines fair value differently from IFRS 13

Explanation

Appendix 1 states that paragraphs C1-C5 relate to effective date and transition, which are not relevant in India, and the numbers are retained for consistency with IFRS 13. Retirement benefit plans relate to the deleted paragraph 7(b), not C1-C5. The definition of fair value is not stated to differ.

Did you get it right without looking?

One question tells you little. A timed set on Fair Value Measurement (Ind AS 113) shows your real accuracy, how long you take and where you lose marks.

Practise Fair Value Measurement (Ind AS 113)Free diagnostic mock

More Fair Value Measurement (Ind AS 113) questions