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

Why are the transitional provisions of IAS 21 not reproduced in Ind AS 21?

The transitional provisions of IAS 21 are omitted from Ind AS 21 because all transitional provisions relating to Indian Accounting Standards, wherever considered appropriate, are placed in Ind AS 101, First-time Adoption of Indian Accounting Standards, which corresponds to IFRS 1.

  1. AAll transitional provisions for Ind AS, where appropriate, are included in Ind AS 101, First-time Adoption of Indian Accounting StandardsCorrect
  2. BBecause Ind AS 21 has no transitional matters at all in any standard
  3. CBecause they are covered in Ind AS 8 only
  4. DBecause the Ministry of Corporate Affairs has prohibited transition relief

Explanation

Appendix 1 explains that transitional provisions given in IAS 21 are not in Ind AS 21 since all transitional provisions related to Ind AS, wherever appropriate, are in Ind AS 101, corresponding to IFRS 1. The other reasons are not stated.

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