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CA Final · Financial Reporting · Ind AS 1 Presentation of Financial Statements

Narmada Foods Ltd's trainee says that, because paragraph numbers 8, 10 and 37 of IAS 1 are missing content in Ind AS 1, the numbering must have been rearranged. Which explanation is consistent with the Ind AS 1 comparison with IAS 1?

The paragraph numbers were kept to stay consistent with IAS 1 numbering, even though alternatives on titles and 52-week periods were removed or deleted. Ind AS 1 did not renumber; it retained the numbers for cross-referencing with IAS 1.

  1. AThe numbering was rearranged and paragraphs renumbered sequentially
  2. BThose paragraphs were deleted entirely, including their numbers, with later paragraphs renumbered
  3. CThe paragraph numbers were retained to maintain consistency with IAS 1 paragraph numbers even where alternatives were removed or text deletedCorrect
  4. DThe paragraphs apply only to listed entities and are omitted for others

Explanation

The comparison states that paragraph numbers 8 and 37 were retained, though alternatives were removed or text deleted, to maintain consistency with IAS 1 numbering; similar changes were made in paragraph 10. Renumbering did not occur, so the rearrangement and entire deletion options are wrong.

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