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CA Final · Financial Reporting · Ind AS 113 Fair Value Measurement

Narmada Infra Ltd's accountant lists four statements about Ind AS 113 for a training note. Which statement is correct about the standard as notified, including its Appendix 1 comparison with IFRS 13?

Ind AS 113 omits paragraphs C1-C5 of IFRS 13, which deal with effective date and transition, as they are not relevant in India, yet it retains their paragraph numbers for consistency. Paragraph 7(b) is deleted, and Appendix 1 is not part of the Standard.

  1. AParagraphs C1-C5 of IFRS 13 relating to effective date and transition are not included in Ind AS 113, but their paragraph numbers are retained for consistencyCorrect
  2. BParagraph 7(b), referring to IAS 26 on retirement benefit plans, is retained in Ind AS 113 with full text because it applies to all companies
  3. CParagraph C1-C5 are included in Ind AS 113 because effective date and transition are relevant in the Indian context
  4. DAppendix 1 is a mandatory part of Ind AS 113 and forms part of the Standard

Explanation

Appendix 1 states that paragraphs C1-C5 of IFRS 13 are omitted since effective date and transition are not relevant in India, but the numbers are retained for consistency. Paragraph 7(b) is deleted, not retained, as IAS 26 is not relevant for companies. Appendix 1 is expressly not part of the Standard.

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