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CA Final · Financial Reporting · Ind AS 41 Agriculture

The Appendix comparing Ind AS 41 with IAS 41 says that paragraphs 58-63 of IAS 41 are not included in Ind AS 41, yet the paragraph numbers are retained. What is the stated position?

Paragraphs 58-63 of IAS 41 relate to effective date and transition, which is not relevant in the Indian context, so they are not included in Ind AS 41. Their paragraph numbers are nevertheless retained so that Ind AS 41 stays consistent with the paragraph numbering of IAS 41.

  1. AThe paragraphs deal with effective date and transition, which is not relevant in the Indian context, and the numbers are retained to stay consistent with IAS 41 numberingCorrect
  2. BThe paragraphs deal with measurement of bearer plants, which are covered by Ind AS 16, and the numbers are retained for cross-reference
  3. CThe paragraphs permit a cost model for biological assets, which is prohibited in India, and the numbers are retained as a reminder
  4. DThe paragraphs were renumbered as paragraphs 5A to 5C of Ind AS 41

Explanation

The Appendix states that paragraphs 58-63 of IAS 41 relate to effective date and transition, which is not relevant in the Indian context. The paragraph numbers are retained in Ind AS 41 to keep consistency with the numbering of IAS 41. The other options give reasons the Appendix does not state.

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