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CA Final · Financial Reporting · Ind AS 28 Investments in Associates and Joint Ventures

A student asks why Ind AS 28 retains paragraph numbers 45 to 45D even though their text is not included. What reason does the Comparison with IAS 28 give?

Paragraphs 45 to 45D of IAS 28 deal with effective date and transition, which are not relevant in the Indian context, so their text is omitted from Ind AS 28. The paragraph numbers are still retained to stay consistent with the numbering of IAS 28.

  1. AThey deal with effective date and transition, which are not relevant in the Indian context, and the numbers are kept for consistency with IAS 28Correct
  2. BThey were replaced by Ind AS 110 and moved there
  3. CThey apply only to joint ventures and not to associates
  4. DThey relate to insurance contracts for which the corresponding Ind AS is under formulation

Explanation

Appendix 1 states that paragraphs 45 to 45D are not included because they relate to effective date and transition, which are not relevant in India, and the numbers are retained to align with IAS 28. The insurance reference applies to paragraph 45J, not these paragraphs.

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