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Eduncle Asked an Mcq
February 21, 2020 3:46 pm

Assertion (A) : Indian Accounting Standards contain some 'carve outs' and for convergence with IFRS with some changes applied in India
Reason (R) : Financial statements prepared in India with Indian Accounting Standards will not be IFRS compliant
In the light of the above two statements, choose the correct option

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  • Eduncle Best Answer

    Assertion (A) & (R) both are correct & (R) is not the correct explanation of (A) because of carve-outs in some cases, Ind-AS financials may not be compliant with IFRS.

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