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CMA Final · Corporate Financial Reporting · Intangible Assets (Ind AS 38)

Which statement about Ind AS 38 is correct regarding transitional provisions and effective date paragraphs 129 to 130J?

Paragraphs 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. The paragraph numbers are retained to maintain consistency with IAS 38.

  1. AThey are included in full as in IAS 38
  2. BThey are omitted because transitional provisions are in Ind AS 101, but the paragraph numbers are retained for consistency with IAS 38Correct
  3. CThey are deleted and the numbering of later paragraphs is changed
  4. DThey apply only to web site costs

Explanation

Ind AS 38 does not include paragraphs 129 to 130J because transitional provisions are placed in Ind AS 101 and effective date paragraphs are not relevant in India. The paragraph numbers are retained to stay consistent with IAS 38, so renumbering is wrong.

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