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

A reviewer examines Ind AS 105 and notes the following about its Appendix 1 comparison with IFRS 5. Which combination of statements is entirely correct?

Paragraphs 44-44L on effective date are omitted as not relevant in India, and paragraph 43 on transition is omitted because transitional provisions sit in Ind AS 101. In both cases the paragraph numbers are retained to stay consistent with IFRS 5.

  1. AParagraphs 44-44L on effective date are not included but their numbers are retained; paragraph 43 on transition is not included because transitional provisions are in Ind AS 101, and its number is retainedCorrect
  2. BParagraphs 44-44L are included in full; paragraph 43 is not included and its number is not retained
  3. CParagraphs 44-44L are not included and their numbers are dropped; paragraph 43 is included in full
  4. DParagraph 43 is not included because transition is covered in Ind AS 1, and its number is retained

Explanation

Appendix 1 says paragraphs 44-44L are not included as they are not relevant in the Indian context, with numbers retained. Paragraph 43 is omitted because transitional provisions are placed in Ind AS 101, and its number is also retained. Options C and D contradict this.

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