CMA Final · Corporate Financial Reporting · Impairment of Assets (Ind AS 36)
Where have the transitional provisions found in IAS 36 been dealt with for Indian entities, according to the comparison appendix?
The transitional provisions are placed in Ind AS 101, First-time Adoption of Indian Accounting Standards, which corresponds to IFRS 1, rather than in Ind AS 36. Paragraphs 138-140K of Ind AS 36 are retained only as numbers because they are not relevant in India.
- AIn Ind AS 101, First-time Adoption of Indian Accounting StandardsCorrect
- BIn Ind AS 8
- CIn Ind AS 113
- DThey are retained in paragraphs 138-140K of Ind AS 36
Explanation
The appendix says transitional provisions of IAS 36 were not given in Ind AS 36, since transitional provisions considered appropriate are included in Ind AS 101, corresponding to IFRS 1. Paragraphs 138-140K and 140M are not included because they are not relevant in the Indian context; numbering alone is retained.
Did you get it right without looking?
One question tells you little. A timed set on Impairment of Assets (Ind AS 36) shows your real accuracy, how long you take and where you lose marks.
More Impairment of Assets (Ind AS 36) questions
- Paragraphs 25-27 and paragraph 5(b) of Ind AS 36 have been deleted. According to the comparison with IAS 36, what is the reason?
- Why does Ind AS 36 retain paragraph numbers 138-140K and 140M even though their content is not included?
- Which combination correctly lists deletions in Ind AS 36 with the stated reason for each?
- Ind AS 36 carries no transitional provisions of its own, and paragraphs 138-140K and 140M are retained only by number. Which statement corre…
- Which statement about the treatment of the paragraph numbers of Ind AS 36 in comparison with IAS 36 is correct, as per the Ind AS 36 compari…
- Meera Ltd has an asset with carrying amount ₹50 lakh and recoverable amount ₹44 lakh at the year end. Which statement is correct?