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CMA Final · Corporate Financial Reporting · The Effects of Changes in Foreign Exchange Rates (Ind AS 21)

Why are paragraphs 58-60J of IAS 21 shown as retained numbers in Ind AS 21 without text?

Paragraphs 58-60J of IAS 21 deal with effective date and transition, so they are not included in Ind AS 21. Their numbers are kept so the paragraph numbering stays consistent with IAS 21.

  1. AThey relate to effective date and transition and are not included, but their numbers are retained to stay consistent with IAS 21 numberingCorrect
  2. BThey were deleted because they conflict with Indian law on foreign exchange
  3. CThey deal with hedge accounting, which Ind AS excludes
  4. DThey apply only to banks and are placed in a separate standard

Explanation

Appendix 1 says paragraphs 58-60J of IAS 21 relate to effective date and transition and are not included in Ind AS 21. Their paragraph numbers are retained for consistency with IAS 21. The reasons suggested in the other options are not stated in the text.

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