CA Final · Financial Reporting · Ind AS 41 Agriculture
The appendix to Ind AS 41 comparing it with IAS 41 carries a note about its status. Which statement about that Appendix is correct?
The appendix is not a part of Ind AS 41. Its purpose is only to bring out the differences, if any, between Ind AS 41 and IAS 41. It therefore does not set mandatory rules or override the standard's main text.
- AIt is a mandatory part of Ind AS 41 and sets additional recognition rules
- BIt is not a part of the Indian Accounting Standard and only brings out differences from IAS 41Correct
- CIt overrides the main text of Ind AS 41 where the two conflict
- DIt applies only to entities preparing consolidated financial statements
Explanation
The note states that the Appendix is not a part of the Indian Accounting Standard and its purpose is only to bring out differences, if any, between Ind AS 41 and IAS 41. It therefore has no overriding or mandatory effect.
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