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CA Final · Financial Reporting · Ind AS 37 Provisions, Contingent Liabilities and Contingent Assets

Which of the following correctly states why Ind AS 37 does not contain transitional provisions of the kind found in IAS 37?

Ind AS 37 omits IAS 37's transitional provisions because all transitional provisions relating to Ind ASs, wherever considered appropriate, have been placed in Ind AS 101, First-time Adoption of Indian Accounting Standards, which corresponds to IFRS 1.

  1. AInd AS 37 is not applicable to first-time adopters
  2. BAll transitional provisions related to Ind ASs, where considered appropriate, are included in Ind AS 101Correct
  3. CTransitional provisions are left to the discretion of each company's board
  4. DTransitional provisions were abolished for all Ind ASs and IFRS

Explanation

The comparison appendix states that the transitional provisions of IAS 37 are not given in Ind AS 37 because all transitional provisions of Ind ASs, wherever appropriate, are included in Ind AS 101 (First-time Adoption), corresponding to IFRS 1.

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