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CA Final · Financial Reporting · Ind AS 21 The Effects of Changes in Foreign Exchange Rates

Which statement about the placement and status of Appendix 1 of Ind AS 21 and the paragraph numbering is correct?

Paragraphs 58-60J of IAS 21 deal with effective date and transition and are not included in Ind AS 21, though the paragraph numbers are retained for consistency. Appendix 1 is not part of the Standard, and transitional provisions sit in Ind AS 101.

  1. AAppendix 1 forms an integral part of the Standard and is mandatory
  2. BParagraphs 58-60J of IAS 21 on effective date and transition are not included in Ind AS 21, but their paragraph numbers are retained for consistencyCorrect
  3. CParagraphs 58-60J are fully reproduced in Ind AS 21 with Indian effective dates
  4. DTransitional provisions of IAS 21 are given in Ind AS 21 as a separate appendix

Explanation

Appendix 1 is not part of the Standard; it compares Ind AS 21 with IAS 21. Paragraphs 58-60J relating to effective date and transition are omitted, but numbers are retained for consistency. Transitional provisions are placed in Ind AS 101, so they do not appear in Ind AS 21.

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