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CA Foundation · Accounting · Theoretical Framework

Ind AS (Indian Accounting Standards) are best described as standards that:

Ind AS are Indian Accounting Standards converged with International Financial Reporting Standards and notified under the Companies (Indian Accounting Standards) Rules. They apply to specified classes of companies, mainly by net worth and listing status, and are not meant for sole proprietors or partnership firms.

  1. AAre converged with International Financial Reporting Standards and notified under the Companies (Indian Accounting Standards) RulesCorrect
  2. BApply only to sole proprietors and partnership firms
  3. CAre the old standards that Ind AS replaced in 1970
  4. DAre issued by the Securities Appeals Tribunal for stock exchanges

Explanation

Ind AS are converged with IFRS and notified under the Companies (Indian Accounting Standards) Rules, applying to specified classes of companies based on criteria such as net worth and listing. They are not limited to proprietors or firms.

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