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Ind AS (Indian Accounting Standards) in India are primarily based on and converged with which set of international standards?

Ind AS are converged with International Financial Reporting Standards issued by the IASB, with certain changes to suit Indian conditions. They are not based on US GAAP, auditing standards or government accounting standards, which serve different purposes or jurisdictions.

  1. AInternational Financial Reporting Standards (IFRS) issued by the IASBCorrect
  2. BUS Generally Accepted Accounting Principles
  3. CInternational Standards on Auditing
  4. DGovernment Accounting Standards of India

Explanation

Ind AS are converged with IFRS issued by the International Accounting Standards Board, with some carve-outs to suit Indian conditions. US GAAP is a separate framework and auditing standards deal with audit, not accounting measurement.

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