In the context of Indian Accounting Standards, what does 'Ind AS' stand for?
AIndian Accounting Standards converged with IFRS
BIndian Auditing Standards
CIndirect Accounting Standards
DIndependent Accounting Standards
Answer & Solution
Correct answer: A. Indian Accounting Standards converged with IFRS
1. Step 1: Ind AS = Indian Accounting Standards, the IFRS-converged set notified by the MCA.
2. Step 2: Ind AS are mandatory for certain class of companies per the MCA roadmap.
3. Step 3: Hence (B) is correct.
_Source: ICAI BoS CA Inter Paper 1, Ch 1 "Introduction to Accounting Standards"_