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CA Final · Financial Reporting · Ind AS 1 Presentation of Financial Statements

Ganga Retail Ltd, an Ind AS entity, has historically reported on a 52-week basis, ending on the Saturday nearest 31 March, as its foreign parent does under IAS 1. Which view is correct under Ind AS 1 as notified?

Ind AS 1 does not permit a 52-week reporting period. The IAS 1 provision allowing it was deleted in Ind AS 1, with the paragraph number kept only for consistent numbering, so the entity cannot use it even with disclosure.

  1. AThe 52-week period is allowed if disclosed in the notes
  2. BThe 52-week period is allowed only for retail entities
  3. CThe 52-week period is allowed with auditor approval
  4. DInd AS 1 does not permit a 52-week periodicity; the IAS 1 paragraph permitting it was deletedCorrect

Explanation

Appendix 1 states that IAS 1 permits a periodicity such as 52 weeks, but Ind AS 1 does not, so that text was deleted while paragraph number 37 was retained for consistency of numbering. Disclosure or auditor approval cannot restore a deleted permission.

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