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CA Final · Financial Reporting · Ind AS 33 Earnings per Share

Ganga Foods Ltd, an Ind AS entity, presents its statement of profit and loss with components of profit or loss and OCI in a single statement. Its finance team wants to present EPS for discontinued operations in a separate income statement, citing paragraphs 68A and 73A of IAS 33. Which view is correct under Ind AS 33?

The separate income statement presentation is not applicable. Ind AS 33 deleted paragraphs 4A, 67A, 68A and 73A as a consequence of Ind AS 1 removing the two-statement option, though the paragraph numbers are retained to stay consistent with IAS 33.

  1. AAllowed, as IAS 33 paragraphs apply directly to Ind AS entities
  2. BAllowed only if the discontinued operation is material
  3. CNot applicable; paragraphs 4A, 67A, 68A and 73A relating to a separate income statement were deleted because Ind AS 1 removed the two-statement option, though numbering is retainedCorrect
  4. DAllowed only for diluted EPS of discontinued operations

Explanation

Ind AS 33 deleted paragraphs 4A, 67A, 68A and 73A dealing with the separate income statement. This follows from Ind AS 1 requiring components of profit or loss and OCI to be in the statement of profit and loss. Paragraph numbers were retained for consistency with IAS 33.

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