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CA Final · Financial Reporting · Ind AS 41 Agriculture

A student compares Ind AS 41 with IAS 41 for a case discussion at Sundaram Agro Ltd. Which statement about the differences stated in Appendix 1 of Ind AS 41 is correct?

Ind AS 41 omits paragraphs 58-63 of IAS 41 because they relate to effective date and transition, which is not relevant in India, yet the paragraph numbers are retained to stay consistent with IAS 41 numbering.

  1. AParagraphs 58-63 of IAS 41 are not included, as they relate to effective date and transition, but the paragraph numbers are retainedCorrect
  2. BParagraphs 58-63 are renumbered 1-6 in Ind AS 41 to remove the gaps
  3. CParagraphs 17-21 of IAS 41 are deleted and their content is moved to Ind AS 16
  4. DInd AS 41 uses the term 'statement of financial position' instead of 'balance sheet'

Explanation

Appendix 1 says paragraphs 58-63 are not included as they concern effective date and transition, and the numbers are retained for consistency. The terminology is the reverse of the last option: Ind AS uses 'balance sheet'. Paragraphs 17-21 appear as deleted in IAS 41, not moved.

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