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CA Final · Financial Reporting · Ind AS 41 Agriculture

While reviewing Ind AS 41, a trainee notices gaps in the paragraph sequence, such as paragraph 9, paragraph 14 and paragraphs 17-21. What is the reason for these gaps?

These paragraphs appear as deleted in IAS 41, and Ind AS 41 retains their numbers to maintain consistency with IAS 41 numbering. They are not Indian carve-outs and are distinct from paragraphs 58-63, which are omitted for effective date and transition reasons.

  1. AThese paragraphs were deleted in IAS 41 and their numbers are retained in Ind AS 41 for consistencyCorrect
  2. BThese paragraphs were added in Ind AS 41 as carve-outs from IAS 41 for Indian entities
  3. CThese paragraphs apply only to entities that have not adopted Ind AS 41
  4. DThese paragraphs relate to effective date and transition and are therefore excluded in India

Explanation

The comparison appendix lists paragraphs 9, 14, 17-21, 23, 39 and 47-48 as 'Deleted' in IAS 41, with numbers retained in Ind AS 41 for consistency. The effective date and transition paragraphs are a different set, namely 58-63, so the last option is wrong.

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