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CA Final · Financial Reporting · Ind AS 111 Joint Arrangements

A student compares Ind AS 111 with IFRS 11. Which statement about paragraph numbering and transitional provisions in Ind AS 111 is correct?

Ind AS 111 omits the IFRS 11 effective date and transitional paragraphs, because application is notified under the Companies Act and transition sits in Ind AS 101. It nevertheless retains IFRS 11 paragraph numbers to stay consistent with them.

  1. ATransitional provisions are retained in Ind AS 111 with different paragraph numbers
  2. BParagraph numbers of IFRS 11 are retained in Ind AS 111 even where the paragraphs on effective date and transition have been omittedCorrect
  3. CInd AS 111 renumbers all paragraphs sequentially without gaps
  4. DEffective date paragraphs are retained because they are relevant under the Companies Act

Explanation

Effective date paragraph C1 and transitional paragraphs C1A and C1AA are not included, since the date of application is notified under the Companies Act and transition is dealt with in Ind AS 101. However, paragraph numbers of IFRS 11 are retained for consistency. So renumbering is wrong.

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