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CMA Intermediate · Corporate Accounting and Auditing · Provisions, Contingent Liabilities and Contingent Assets (Ind AS 37)

Which statement about Ind AS 37 and its comparison with IAS 37 is correct?

Ind AS 37 does not repeat IAS 37's transitional provisions because all transitional provisions for Ind ASs are placed in Ind AS 101, First-time Adoption of Indian Accounting Standards. Paragraph numbers are retained to stay consistent with IAS 37.

  1. ATransitional provisions of IAS 37 are not given in Ind AS 37 because they are included in Ind AS 101, First-time Adoption of Indian Accounting StandardsCorrect
  2. BInd AS 37 contains its own detailed transitional provisions replacing those in Ind AS 101
  3. CInd AS 37 omits transitional provisions because they apply only to banks
  4. DInd AS 37 renumbers all paragraphs of IAS 37 to start again from paragraph 1

Explanation

Appendix 1 explains that transitional provisions given in IAS 37 are not given in Ind AS 37, since all transitional provisions relating to Ind ASs have been included in Ind AS 101. Paragraph numbers are retained to stay consistent with IAS 37, so renumbering is wrong.

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