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

Ind AS 113 is Appendix-referenced in other standards and the Indian version differs from IFRS 13 in certain respects. Which statement about Ind AS 113 relative to IFRS 13, as described in the Standard's Appendix 1 comparison, is correct?

Ind AS 113 deletes paragraph 7(b), which refers to IAS 26 on retirement benefit plans, because it is not relevant for companies, while retaining the paragraph number to stay consistent with IFRS 13 numbering. Paragraphs C1-C5 are also omitted as effective date and transition are not relevant in India.

  1. AParagraph 7(b), which refers to IAS 26 on retirement benefit plans, is deleted as not relevant for companies, but the paragraph number is retainedCorrect
  2. BThe definition of fair value in Ind AS 113 differs from IFRS 13 by referring to entry price
  3. CParagraphs C1-C5 are retained in full because effective date and transition are relevant in India
  4. DParagraph 7(b) is retained and applies to retirement benefit plans of companies

Explanation

Appendix 1 notes that paragraph 7(b) refers to IAS 26, not relevant for companies, so it is deleted but its number is retained for consistency with IFRS 13. Paragraphs C1-C5 are not included because effective date and transition are not relevant in India. The definition is the same exit price concept.

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