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CA Final · Financial Reporting · Ind AS 38 Intangible Assets

Which of the following statements about Ind AS 38 and its differences from IAS 38 is correct?

Ind AS 38 does not include the transitional and effective date content of paragraphs 129 to 130J. Transitional provisions are in Ind AS 101, and effective dates are not relevant in India. The paragraph numbers are retained only for consistency with IAS 38.

  1. AInd AS 38 includes paragraphs 129 to 130J on transitional provisions and effective date
  2. BInd AS 38 retains the paragraph numbers 129 to 130J, but these contain no transitional provisions, which are in Ind AS 101Correct
  3. CInd AS 38 has removed all paragraph numbers from 129 onwards
  4. DInd AS 38 includes its own effective date paragraph for Indian entities

Explanation

The comparison with IAS 38 states that paragraphs 129 to 130J on transitional provisions and effective date are not included, because transitional provisions are in Ind AS 101 and effective date paragraphs are not relevant in India. The paragraph numbers are retained to stay consistent with IAS 38. The option saying the paragraphs are included contradicts this.

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