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CA Final · Financial Reporting · Ind AS 41 Agriculture

An analyst compares Ind AS 41 with IAS 41 Agriculture. Which statement about the differences is correct?

Ind AS 41 keeps the paragraph numbers of IAS 41 even where paragraphs are omitted or deleted. Paragraphs 58-63 on effective date and transition are not included, but their numbers are retained, so the two standards stay consistent in numbering.

  1. AInd AS 41 retains the paragraph numbers of IAS 41 even where paragraphs are not included or are shown as deletedCorrect
  2. BInd AS 41 renumbers all paragraphs consecutively after removing the deleted ones
  3. CInd AS 41 includes paragraphs 58-63 on effective date and transition, as they apply in India
  4. DInd AS 41 treats produce growing on bearer plants as outside its scope, unlike IAS 41

Explanation

Paragraphs 58-63 of IAS 41, on effective date and transition, are not included in Ind AS 41, and paragraphs deleted in IAS 41 (such as 9, 14, 17-21, 23, 39, 47-48) also appear as deleted. The numbering is deliberately retained for consistency with IAS 41. The other options contradict this or the treatment of bearer-plant produce as a biological asset.

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