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CA Final · Financial Reporting · Ind AS 38 Intangible Assets

Which statement about how Ind AS 38 treats IAS 38 content is correct, as set out in its comparison with IAS 38?

Paragraphs 129 to 130J are not included in Ind AS 38. Transitional provisions sit in Ind AS 101, effective-date paragraphs are not relevant in India, and the paragraph numbers are retained only to remain consistent with IAS 38 numbering.

  1. ATransitional provisions of IAS 38 are included in Ind AS 38 in paragraphs 129 to 130J
  2. BParagraphs 129 to 130J are not included in Ind AS 38 because transitional provisions are in Ind AS 101 and effective-date paragraphs are not relevant in India, though the paragraph numbers are retained for consistencyCorrect
  3. CParagraphs 129 to 130J were deleted and the numbering of later paragraphs was changed
  4. DIllustrative Examples on useful life determination were included as integral parts of Ind AS 38 paragraph 89

Explanation

The comparison states that paragraphs 129 to 130J, on transitional provisions and effective date, are not included in Ind AS 38. 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 Illustrative Examples referenced in paragraph 89 were also not included.

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