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

A trainee at Mehta & Associates notices that Ind AS 1 jumps from paragraph 36 to paragraph 38 in some places and has no transitional paragraphs 139 to 139M. The senior explains the reasons. Which explanation is consistent with Appendix 1 of Ind AS 1?

Paragraph 37's IAS 1 content on 52-week periods is deleted in Ind AS 1, but the number is kept so numbering matches IAS 1. Transition and effective date paragraphs 139 to 139M and 139O-139P are omitted because they are not relevant in the Indian context.

  1. AParagraph 37 was deleted and its number dropped, and transition paragraphs were omitted because they are unconstitutional
  2. BParagraph 37 content was deleted but its number retained for consistency with IAS 1, and paragraphs 139 to 139M and 139O-139P were not included as they are not relevant in the Indian contextCorrect
  3. CParagraph 37 was retained in full, and paragraphs 139 to 139M were omitted because they apply only to insurers
  4. DParagraph numbers 8 and 37 were removed, and 139 to 139M were moved to Ind AS 101

Explanation

Appendix 1 says paragraph 37 content is deleted since a 52-week period is not permitted, yet the number is retained to maintain consistency with IAS 1 numbering. It also says paragraphs 139 to 139M and 139O-139P on transition and effective date are not included because they are not relevant in the Indian context. Other options contradict this.

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