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CMA Final · Corporate Financial Reporting · Accounting Policies, Changes in Accounting Estimates and Errors (Ind AS 8)

Which statement about the Indian version of the Standard, compared with IAS 8, is correct as per the Appendix comparing Ind AS 8 with IAS 8?

In the absence of a specifically applicable Ind AS, paragraph 12 of Ind AS 8 permits management to first consider the most recent pronouncements of the IASB. The other statements are wrong because paragraph numbers are retained, paragraphs 54-54E are not included, and the non-integral guidance text was deleted.

  1. AInd AS 8 deletes the paragraph numbers of IAS 8 that are not relevant and renumbers the rest sequentially
  2. BInd AS 8 states that, in the absence of an Ind AS, management may first consider the most recent pronouncements of the International Accounting Standards BoardCorrect
  3. CInd AS 8 includes IAS 8 paragraphs 54-54E on effective date and transition in full
  4. DInd AS 8 treats the guidance accompanying Ind ASs as a non-integral part of the Standard

Explanation

The comparison states that paragraph 12 of Ind AS 8 says that, in the absence of an Ind AS, management may first consider the most recent IASB pronouncements. Paragraph numbers are retained, not renumbered. Paragraphs 54-54E are not included, only their numbers are retained. The text on non-integral guidance was deleted.

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