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

Ind AS 113 retains paragraph numbers aligned with IFRS 13 even where content is omitted. Regarding paragraphs C1-C5 of IFRS 13, which statement matches the Ind AS 113 position?

Paragraphs C1-C5 of IFRS 13 are omitted from Ind AS 113 because they deal with effective date and transition, which are not relevant in the Indian context. The paragraph numbers are nevertheless retained so that numbering stays consistent with IFRS 13.

  1. AThey are not included because they relate to effective date and transition, which are not relevant in the Indian context, though the numbers are retainedCorrect
  2. BThey are included in full, as the effective date of Ind AS 113 must be disclosed by every entity
  3. CThey are replaced by new Indian-specific paragraphs on valuation hierarchy with different numbering
  4. DThey are deleted and the paragraph numbering of the Standard is renumbered to remove the gaps

Explanation

The comparison appendix says paragraphs C1-C5 of IFRS 13 are not included in Ind AS 113 because they relate to effective date and transition, not relevant in India. The paragraph numbers are retained to maintain consistency with IFRS 13. So renumbering or replacement is wrong.

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