Skip to content

CA Final · Financial Reporting · Ind AS 113 Fair Value Measurement

Ind AS 113 as notified in India differs from IFRS 13 in presentation of paragraph numbering. A student makes four statements about this. Which is consistent with the compendium's comparison note (Appendix 1)?

Ind AS 113 deletes paragraph 7(b), which refers to IAS 26 on retirement benefit plans, because it is not relevant for companies. The paragraph number is retained so that numbering stays consistent with IFRS 13. Paragraphs C1-C5 on effective date and transition are also not included.

  1. AParagraph 7(b), which refers to IAS 26 on retirement benefit plans, is deleted as not relevant for companies, but its paragraph number is retained to keep numbering consistent with IFRS 13Correct
  2. BParagraph 7(b) is retained in full and applies to retirement benefit plans of Indian companies
  3. CParagraphs C1-C5 are retained with Indian effective dates and transition rules
  4. DAll paragraph numbers of IFRS 13 were renumbered in Ind AS 113 to start from 1 in sequence

Explanation

Appendix 1 states that paragraph 7(b), referring to IAS 26, is deleted as not relevant for companies, and the number is retained for consistency with IFRS 13. Paragraphs C1-C5 were also not included, though their numbers are retained. Hence the other statements are incorrect.

Did you get it right without looking?

One question tells you little. A timed set on Ind AS 113 Fair Value Measurement shows your real accuracy, how long you take and where you lose marks.

Practise Ind AS 113 Fair Value MeasurementFree diagnostic mock

More Ind AS 113 Fair Value Measurement questions