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CA Final · Financial Reporting · Ind AS 36 Impairment of Assets

Vihaan Steels Ltd. is preparing disclosures and asks where the transitional provisions for Ind AS 36 are found. An accountant looks at paragraphs 138-140K and 140M of Ind AS 36 and finds no text. What is the correct explanation?

Paragraphs 138-140K and 140M, which deal with transition and effective date in IAS 36, are not included in Ind AS 36 as they are not relevant in the Indian context. Their numbers are retained, and relevant transitional provisions appear in Ind AS 101 First-time Adoption.

  1. AThose paragraphs were deleted as the standard has no effective date
  2. BThose paragraphs are present but apply only to first-time adopters
  3. CThose paragraphs were omitted as not relevant in the Indian context, with numbers retained, and transitional provisions are in Ind AS 101Correct
  4. DThose paragraphs were moved to Ind AS 8 on accounting policies

Explanation

The comparison states paragraphs 138-140K and 140M, covering transitional provisions and effective date, are not included as they are not relevant in Indian context; numbers are retained. Wherever appropriate, transitional provisions are in Ind AS 101. Ind AS 8 is not mentioned.

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