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CA Final · Financial Reporting · Ind AS 108 Operating Segments

Which statement about the applicability wording of Ind AS 108 compared with IFRS 8 is correct?

Ind AS 108 deletes the IFRS 8 scope text on publicly traded entities because applicability is governed by the Companies Act and Rules made under it, while keeping the paragraph number to stay consistent with IFRS 8 numbering.

  1. AThe IFRS 8 scope paragraph on publicly traded entities is retained unchanged in Ind AS 108
  2. BApplicability is governed by the Companies Act and the Rules made thereunder, so the IFRS 8 scope text is deleted but the paragraph number retainedCorrect
  3. CInd AS 108 contains detailed transitional provisions replacing those in IFRS 8
  4. DInd AS 108 applies only to entities filing with SEBI

Explanation

The IFRS 8 scope text on public market entities is deleted in Ind AS 108 because applicability is governed by the Companies Act and its Rules. The paragraph number is retained for consistency with IFRS 8. Transitional provisions are in Ind AS 101, not in Ind AS 108.

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