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

Paragraph numbers 58-60J of IAS 21 are retained as numbers in Ind AS 21 even though their content is not included. What is the reason for this treatment?

The paragraphs relate to effective date and transition, so their text is omitted from Ind AS 21. Their numbers are retained so that the paragraph numbering stays consistent with IAS 21. Transitional matters are dealt with in Ind AS 101.

  1. AThose paragraphs deal with effective date and transition, and the numbers are kept to stay consistent with IAS 21 paragraph numberingCorrect
  2. BThose paragraphs deal with hyperinflation and are not applicable in India
  3. CThose paragraphs deal with translation of foreign operations and are replaced by Ind AS 110
  4. DThose paragraphs are carved out because they are covered by the Companies Act, 2013

Explanation

Paragraphs 58-60J of IAS 21 relate to effective date and transition. They are not included in Ind AS 21, but their numbers are retained to keep consistency with IAS 21 numbering. Transition matters for Ind AS are dealt with in Ind AS 101.

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