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CA Final · Financial Reporting · Ind AS 21 The Effects of Changes in Foreign Exchange Rates

Which statement about how Ind AS 21 relates to other Indian Accounting Standards and to transition is correct?

Transitional provisions relating to Ind AS are placed in Ind AS 101, not Ind AS 21. IAS 21 paragraphs 58-60J on effective date and transition are omitted from Ind AS 21, and their paragraph numbers are retained only to keep numbering consistent with IAS 21.

  1. ATransitional provisions of Ind AS 21 are set out within Ind AS 21 itself
  2. BTransitional provisions are in Ind AS 101, and paragraphs 58-60J are retained only as numbers without IAS 21 textCorrect
  3. CParagraphs 58-60J contain full effective-date rules identical to IAS 21
  4. DAppendix C refers to matters in other Ind AS and is a mandatory part of the transition rules

Explanation

Transitional provisions are not given in Ind AS 21 because they are included in Ind AS 101. Paragraphs 58-60J of IAS 21 on effective date and transition are not included, but the paragraph numbers are retained for consistency. The first option contradicts this.

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