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

A group finance manager at Vindhya Steels Ltd lists the following as differences between Ind AS 1 and IAS 1: (i) Ind AS 1 retains paragraph numbers 8 and 37 although their IAS 1 content has been removed or altered; (ii) Ind AS 1 includes transition paragraphs 139 to 139M for Indian entities; (iii) Ind AS 1 uses 'true and fair view' instead of 'fair presentation'. Which combination is correct?

Statements (i) and (iii) are correct. Ind AS 1 keeps paragraph numbers such as 8 and 37 for consistency with IAS 1 and uses 'true and fair view' instead of 'fair presentation'. Statement (ii) is wrong because transition paragraphs 139 to 139M were not included in Ind AS 1.

  1. A(i) and (ii) only
  2. B(ii) and (iii) only
  3. C(i) and (iii) onlyCorrect
  4. D(i), (ii) and (iii)

Explanation

Paragraph numbers 8 and 37 are retained to keep consistency with IAS 1 though content was altered or deleted, and 'true and fair view' replaces 'fair presentation'. Statement (ii) is wrong: paragraphs 139 to 139M and 139O-139P were not included as not relevant in the Indian context.

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