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CA Final · Financial Reporting · Ind AS 37 Provisions, Contingent Liabilities and Contingent Assets

Ind AS 37 contains Appendix 1 comparing it with IAS 37. What does it say about the transitional provisions found in IAS 37?

The transitional provisions of IAS 37 are not reproduced in Ind AS 37. The comparison appendix explains that all transitional provisions for Ind ASs, where considered appropriate, are placed in Ind AS 101, First-time Adoption of Indian Accounting Standards.

  1. AThey are retained unchanged in Ind AS 37
  2. BThey are not given in Ind AS 37 because transitional provisions are included, where appropriate, in Ind AS 101Correct
  3. CThey are replaced by provisions in Ind AS 8
  4. DThey apply only to listed companies in Ind AS 37

Explanation

Appendix 1 states that the transitional provisions in IAS 37 are not given in Ind AS 37, as all transitional provisions related to Ind ASs, wherever appropriate, are included in Ind AS 101 First-time Adoption. The paragraph numbers are retained to stay consistent with IAS 37.

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