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CA Final · Financial Reporting · Ind AS 7 Statement of Cash Flows

A student preparing from the Ind AS 7 text notes that paragraph numbers 14(e), 29, 30 and 50(b) appear in Ind AS 7. What is the correct position regarding these paragraph numbers?

These paragraph numbers appear as Deleted in IAS 7, and Ind AS 7 retains the numbers only to keep paragraph numbering consistent with IAS 7. They carry no new requirements, and the effective-date paragraphs are a different set, namely 53-58.

  1. AThey contain additional Ind AS-specific requirements not found in IAS 7
  2. BThey appear as 'Deleted' in IAS 7 and the numbers are retained in Ind AS 7 for consistency with IAS 7 paragraph numberingCorrect
  3. CThey relate to the effective date and are retained for that reason
  4. DThey were deleted from IAS 7 but reinstated in Ind AS 7 with new rules

Explanation

The comparison appendix says these paragraph numbers appear as 'Deleted' in IAS 7 and are retained in Ind AS 7 only to maintain consistency of numbering. Paragraphs 53-58 are the ones relating to the effective date, so the effective-date option is wrong. No new rules are added in these numbers.

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