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CA Final · Financial Reporting · Ind AS 111 Joint Arrangements

Appendix 1 to Ind AS 111 explains the Standard's relationship with IFRS 11. Which statement about paragraph numbering and transitional provisions is correct?

Transitional provisions are placed in Ind AS 101 where considered appropriate, and the effective date paragraph is not included because the date is notified under the Companies Act. The paragraph numbers of IFRS 11 are still retained in Ind AS 111 to maintain consistency.

  1. ATransitional provisions are included in Ind AS 111 itself with renumbered paragraphs
  2. BThe effective date paragraph is retained in Ind AS 111 because the date is set by the standard
  3. CTransitional provisions are included in Ind AS 101 where considered appropriate, and the paragraph numbers of IFRS 11 are retained in Ind AS 111 for consistencyCorrect
  4. DInd AS 111 omits all IFRS 11 paragraph numbers and uses a new sequence

Explanation

Appendix 1 states that the effective date paragraph is not included because the date of application is notified under the Companies Act. Transitional provisions, where appropriate, are placed in Ind AS 101. The IFRS 11 paragraph numbers are retained in Ind AS 111 for consistency. The other options contradict this.

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