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CA Final · Financial Reporting · Ind AS 41 Agriculture

A student preparing for CA Final compares Ind AS 41 with IAS 41 and notes that some paragraphs of IAS 41 relating to effective date and transition (paragraphs 58-63) do not appear in the Indian standard. How does Ind AS 41 treat these paragraph numbers?

Paragraphs 58-63 of IAS 41, dealing with effective date and transition, are not included in Ind AS 41 because they are not relevant in India. However, their paragraph numbers are retained so that numbering stays consistent with IAS 41, rather than renumbering later paragraphs.

  1. AThe paragraphs are omitted and the later paragraphs are renumbered
  2. BThe paragraphs are included unchanged because transition applies in India
  3. CThe paragraphs are replaced by new Indian-specific transition rules with new numbers
  4. DThe paragraphs are not included, but the paragraph numbers are retained to stay consistent with IAS 41Correct

Explanation

The comparison appendix says paragraphs 58-63 of IAS 41 are not included because effective date and transition are not relevant in the Indian context. The numbers are retained to keep consistency with IAS 41 numbering. Renumbering is therefore incorrect.

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