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CA Final · Financial Reporting · Financial Instruments: Disclosures

Appendix 1 of Ind AS 107 explains several differences from IFRS 7. Which of the following is a correct statement of those differences?

Ind AS 107 omits paragraphs 42I-42S of IFRS 7 because they deal with initial application of IFRS 9 and are not relevant in the Indian context. The other statements reverse the terminology or wrongly claim the effective date paragraphs are reproduced.

  1. AParagraphs 42I-42S of IFRS 7, relating to initial application of IFRS 9, are not included because they are not relevant in the Indian contextCorrect
  2. BThe term 'balance sheet' is replaced by 'Statement of financial position' in Ind AS 107
  3. CThe words 'authorised for issue' are used instead of 'approved for issue' for events after the reporting period
  4. DParagraphs 43-44BB on effective date and transition are fully reproduced in Ind AS 107

Explanation

Appendix 1 says paragraphs 42I-42S of IFRS 7 are not included as they relate to initial application of IFRS 9 and are not relevant in India. Ind AS uses 'balance sheet' instead of 'Statement of financial position' and 'approved for issue' instead of 'authorised for issue', so those options reverse the position. Paragraphs 43-44BB are not given, only their numbers retained.

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