CMA Final · Corporate Financial Reporting · Fair Value Measurement (Ind AS 113)
Which statement about Ind AS 113 is correct in light of its comparison with IFRS 13?
Ind AS 113 omits paragraphs C1-C5 of IFRS 13 because they deal with effective date and transition, which are not relevant in India, yet it retains those paragraph numbers to keep numbering consistent with IFRS 13. Paragraph 7(b) is deleted similarly.
- AParagraphs C1-C5 of IFRS 13 are not included in Ind AS 113, but their paragraph numbers are retained for consistencyCorrect
- BInd AS 113 defines fair value as an entry price, unlike IFRS 13
- CParagraph 7(b) on retirement benefit plans is fully operative in Ind AS 113
- DInd AS 113 renumbers all paragraphs so they differ from IFRS 13
Explanation
Appendix 1 states that paragraphs C1-C5 of IFRS 13 are not included because they relate to effective date and transition, but the numbers are retained to stay consistent with IFRS 13. Paragraph 7(b) is deleted, not operative, and numbering is deliberately kept aligned. The definition is an exit price.
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