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

Ind AS 20 omits paragraph 40 of IAS 20. What reason does Appendix 1 give?

Paragraph 40 of IAS 20 is omitted from Ind AS 20 because the transitional provisions considered relevant have been included in Ind AS 101 on first-time adoption. It was not dropped as irrelevant, and it is not replaced by an Ind AS 8 requirement.

  1. ATransitional provisions considered relevant are included in Ind AS 101Correct
  2. BTransitional provisions are not relevant in the Indian context
  3. CParagraph 40 was deleted in IAS 20 itself
  4. DIt is replaced by a requirement in Ind AS 8

Explanation

Appendix 1 says paragraph 40 of IAS 20, dealing with transitional provisions, is not included because the relevant transitional provisions are in Ind AS 101 on first-time adoption. Option B describes the reason given for the effective-date paragraphs 41-48, not paragraph 40. Option C relates to paragraph 37, not 40.

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