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CMA Final · Corporate Financial Reporting · The Effects of Changes in Foreign Exchange Rates (Ind AS 21)

Ind AS 21 contains paragraphs 58-60J, retained by number but without text. What is the reason given in the comparison with IAS 21 for not including their content?

Paragraphs 58-60J of IAS 21 deal with effective date and transition, so their text is not included in Ind AS 21. Their paragraph numbers are nevertheless retained so that numbering stays consistent with IAS 21.

  1. AThey deal with hedge accounting, which is covered in Ind AS 109
  2. BThey relate to effective date and transition, and the numbers are retained for consistency with IAS 21Correct
  3. CThey relate to hyperinflationary economies, which do not apply in India
  4. DThey deal with first-time adoption exemptions for long-term monetary items

Explanation

The comparison states that paragraphs 58-60J of IAS 21 relate to effective date and transition and are not included. Their numbers are retained to keep paragraph numbering consistent with IAS 21. The other options assign the omission to unrelated reasons.

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