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CA Final · Financial Reporting · Ind AS 20 Accounting for Government Grants and Disclosure of Government Assistance

Ind AS 20 contains paragraph numbers that are retained even though some content from IAS 20 is deleted or not included. Regarding paragraph 29A of IAS 20 on presentation of grants related to income in a separate income statement, what is the position in Ind AS 20?

The separate income statement requirements of paragraph 29A are deleted in Ind AS 20 because Ind AS 1 removed the two-statement option and requires profit or loss and OCI components in one statement of profit and loss. The paragraph number is nonetheless retained to stay consistent with IAS 20.

  1. AThe requirements are deleted because Ind AS 1 requires components of profit or loss and OCI in a single statement of profit and loss, but the paragraph number is retainedCorrect
  2. BThe requirements are retained because Ind AS 1 allows a separate income statement as an option
  3. CThe paragraph is removed and its number reassigned to a new requirement on grant disclosures
  4. DThe requirements apply only to companies that voluntarily present two statements

Explanation

The comparison with IAS 20 states that the separate income statement requirements under paragraph 29A were deleted as a consequence of removing the two-statement option in Ind AS 1. The paragraph number 29A is retained for consistency with IAS 20 numbering. The reassignment option is wrong since numbers are kept, not reused.

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