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

Ind AS 113 as notified in India is compared with IFRS 13. Which statement about the differences described in Appendix 1 to Ind AS 113 is correct?

Paragraph 7(b), which refers to IAS 26 on retirement benefit plans, is deleted in Ind AS 113 because it is not relevant for companies, and the paragraph number is retained to keep consistency with IFRS 13 numbering. The fair value definition itself is not changed.

  1. AParagraph 7(b), referring to IAS 26 on retirement benefit plans, is deleted as not relevant for companies, with the paragraph number retainedCorrect
  2. BThe definition of fair value in Ind AS 113 differs materially from IFRS 13, using an entry price
  3. CParagraphs C1-C5 of IFRS 13 are retained in full text as they relate to effective date and transition
  4. DParagraph numbers are renumbered in Ind AS 113 to remove deleted paragraphs

Explanation

Appendix 1 states that paragraph 7(b), which refers to IAS 26, is deleted as not relevant for companies, and its number is retained to stay consistent with IFRS 13 numbering. C1-C5 are not included, though their numbers are retained, so the third option is wrong.

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