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Given below are two statements. One is labelled as Assertion (A) and the other is labelled as Reason (R).
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.