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CA Final · Financial Reporting · Financial Instruments: Disclosures

An analyst notices that Ind AS 107 contains paragraph numbers such as 12-12A, 13 and 16 with no content, and that paragraphs 43-44BB are also not given. Which statement correctly describes the treatment as per Ind AS 107's comparison with IFRS 7?

Ind AS 107 retains paragraph numbers that appear as 'Deleted' in IFRS 7, such as 12-12A, 13 and 16, to maintain consistency with IFRS 7 paragraph numbering. Paragraphs 43-44BB on effective date and transition are also not given, but their numbers are retained.

  1. AThese numbers were removed and the remaining paragraphs renumbered
  2. BParagraph numbers appearing as 'Deleted' in IFRS 7 are retained in Ind AS 107 to maintain consistency with IFRS 7 numberingCorrect
  3. CThey are retained because they apply only to banks and insurers in India
  4. DThey contain transitional rules to be applied from the first reporting date

Explanation

The comparison states that paragraph numbers shown as 'Deleted' in IFRS 7 are retained in Ind AS 107 to keep numbering consistent. Paragraphs 43-44BB (effective date and transition) are likewise not given, but their numbers are retained. No renumbering occurs.

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