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CA Final · Financial Reporting · Ind AS 111 Joint Arrangements

An analyst states that the Ind AS 111 paragraph numbering retains gaps, such as transitional paragraphs C1A and C1AA of IFRS 11, which are not included in Ind AS 111. What is the reason given in the Ind AS comparison with IFRS 11?

The transitional paragraphs are omitted because transitional provisions, wherever considered appropriate, are included in Ind AS 101 First-time Adoption. The paragraph numbers of Ind AS 111 are still retained to remain consistent with the numbering of IFRS 11.

  1. ATransitional provisions, where appropriate, are included in Ind AS 101, and paragraph numbers are retained for consistency with IFRS 11Correct
  2. BThose paragraphs were deleted because joint arrangements have no transition issues in India
  3. CTransitional provisions are left to each company's board to decide
  4. DThose paragraphs apply only to listed companies and are in Ind AS 34

Explanation

The Appendix 1 comparison states that paragraphs C1A and C1AA on transition are not included because transitional provisions considered appropriate are in Ind AS 101, and paragraph numbers are retained to stay consistent with IFRS 11. The effective date is not relevant as it is notified under the Companies Act.

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