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

A student comparing Ind AS 1 with IAS 1 notes that Ind AS 1 contains paragraph numbers 37 and 8, although these paragraphs carry no IAS 1 content. Also, paragraphs 139 to 139M and 139O-139P are not included. Which explanation is correct?

Ind AS 1 keeps the numbers of deleted paragraphs, such as 8 and 37, only to stay consistent with IAS 1 numbering. The transition and effective date paragraphs 139 to 139M and 139O-139P are left out because they are not relevant in the Indian context.

  1. AParagraph numbers are retained as placeholders to maintain consistency with IAS 1; the transition and effective date paragraphs are omitted as not relevant in the Indian contextCorrect
  2. BAll IAS 1 paragraphs are reproduced unchanged, so no paragraph is omitted
  3. CThe transition paragraphs 139 to 139M are omitted because Ind AS 1 has no transition requirements under any Ind AS
  4. DParagraph numbers 37 and 8 are retained because they allow entities optional titles and 52-week periods

Explanation

Ind AS 1 deletes paragraph 37 (52-week periodicity) and paragraph 8 (optional titles) but retains the numbers to keep consistency with IAS 1. Paragraphs 139 to 139M and 139O-139P on transition and effective date are not included as they are not relevant in the Indian context. Options claiming the paragraphs still permit these choices are wrong.

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