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

A trainee at Narmada Steel Ltd notes that Ind AS 1 skips paragraphs 139 to 139M and 139O-139P and retains the number 139R. Which explanation matches Ind AS 1?

The transition and effective date paragraphs 139 to 139M and 139O-139P are not included because they are not relevant in India. Paragraph number 139R is retained only to keep numbering consistent with IAS 1, as it relates to IFRS 17, whose Ind AS is under formulation.

  1. AThese paragraphs were omitted as irrelevant in the Indian context, while 139R is retained for numbering, as it relates to IFRS 17 for which the corresponding Ind AS is under formulationCorrect
  2. BThese paragraphs were omitted because they apply only to listed entities, and 139R was retained as it governs interim reports
  3. CAll of them were deleted and renumbered to follow Ind AS sequence
  4. DThey were retained in full because transition provisions apply to every Ind AS entity

Explanation

Appendix 1 says paragraphs 139 to 139M and 139O-139P on transition and effective date are not included as they are not relevant in the Indian context. Paragraph 139R relates to IFRS 17, whose corresponding Ind AS is under formulation, and the number is kept for consistency with IAS 1 numbering. The other options misstate the reasons.

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