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CMA Foundation · Fundamentals of Financial and Cost Accounting · Four Frameworks of Accounting and Forms of Organization

Ind AS in India are largely converged with which set of international standards?

Ind AS are converged with International Financial Reporting Standards, issued by the IASB, with some modifications for Indian conditions. They are not based on US GAAP, auditing standards or government accounting standards.

  1. AUS GAAP issued by FASB
  2. BInternational Financial Reporting Standards (IFRS)Correct
  3. CInternational Standards on Auditing
  4. DGovernment Accounting Standards of India

Explanation

Ind AS are Indian Accounting Standards converged with IFRS issued by the IASB, with certain carve-outs for Indian conditions. US GAAP is a separate framework, and auditing standards deal with audit rather than accounting.

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