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CA Final · Financial Reporting · Consolidated Financial Statements

Which statement about the Ind AS 110 comparison with IFRS 10 is correct?

Ind AS 110 uses terminology from existing Indian law, so it says balance sheet and Statement of profit and loss rather than statement of financial position and statement of comprehensive income. It also omits IFRS 10's effective date appendix and deletes paragraphs 4(b) and 4(c).

  1. AInd AS 110 uses terms such as 'balance sheet' and 'Statement of profit and loss' instead of 'statement of financial position' and 'statement of comprehensive income'Correct
  2. BInd AS 110 retains IFRS 10 effective date and transition appendix without change
  3. CInd AS 110 adds new paragraphs 4(b) and 4(c) not found in IFRS 10
  4. DInd AS 110 allows investment property at fair value for investment entity exemption

Explanation

Ind AS uses terminology consistent with existing laws, so 'balance sheet' and 'Statement of profit and loss' are used. The IFRS 10 effective date appendix is omitted, paragraphs 4(b) and 4(c) are shown as deleted, and the fair value investment property sub-paragraph was removed because Ind AS 40 uses the cost model.

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