Skip to content

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

Ind AS 21 omits the transitional provisions found in IAS 21. According to the comparison with IAS 21, where are the transitional provisions relating to Indian Accounting Standards, wherever considered appropriate, included?

The transitional provisions are placed in Ind AS 101, First-time Adoption of Indian Accounting Standards, which corresponds to IFRS 1. They are not repeated in Ind AS 21, so Ind AS 101 is where transition is addressed.

  1. AIn Ind AS 8, Accounting Policies, Changes in Accounting Estimates and Errors
  2. BIn Ind AS 101, First-time Adoption of Indian Accounting StandardsCorrect
  3. CIn Ind AS 110, Consolidated Financial Statements
  4. DIn Appendix C of Ind AS 21

Explanation

The comparison says the transitional provisions of IAS 21 are not in Ind AS 21 because all transitional provisions related to Ind AS are included in Ind AS 101, corresponding to IFRS 1. Appendix C only refers to guidance in other standards, so it is not the home of transition rules.

Did you get it right without looking?

One question tells you little. A timed set on The Effects of Changes in Foreign Exchange Rates (Ind AS 21) shows your real accuracy, how long you take and where you lose marks.

Practise The Effects of Changes in Foreign Exchange Rates (Ind AS 21)Free diagnostic mock

More The Effects of Changes in Foreign Exchange Rates (Ind AS 21) questions