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CA Final · Financial Reporting · Ind AS 111 Joint Arrangements

A student preparing for CA Final reads Appendix 1 of Ind AS 111 and asks about its status and the transitional provisions of paragraphs C1A and C1AA of IFRS 11. Which statement is correct?

Appendix 1 is not part of Ind AS 111; it only highlights differences from IFRS 11. Paragraphs C1A and C1AA are not included because relevant transitional provisions sit in Ind AS 101, and paragraph numbering is retained for consistency with IFRS 11.

  1. AAppendix 1 is a binding part of the Standard and C1A and C1AA are fully retained
  2. BAppendix 1 is not a part of the Standard, and C1A and C1AA are not included because transitional provisions are in Ind AS 101Correct
  3. CAppendix 1 replaces Ind AS 111 for first-time adopters and C1A is retained in Ind AS 101
  4. DAppendix 1 is part of the Standard, and C1A and C1AA are omitted because they are irrelevant to Indian entities

Explanation

Appendix 1 only brings out major differences from IFRS 11 and is not part of the Standard. Paragraphs C1A and C1AA are omitted because transitional provisions considered appropriate are in Ind AS 101, while paragraph numbers are retained for consistency with IFRS 11.

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