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Convergence vs Adoption: India has chosen which approach for IFRS?
AFull Adoption — IFRS adopted verbatim
BNeither — independent standards only
CConvergence — Ind AS converged with IFRS with India-specific carve-outs
DAdoption only of selected IFRSs
Answer & Solution
Correct answer: C. Convergence — Ind AS converged with IFRS with India-specific carve-outs
1. Step 1: India has chosen convergence rather than full adoption.
2. Step 2: Ind AS are converged with IFRS with limited carve-outs/carve-ins.
3. Step 3: Hence (B).
_Source: ICAI BoS CA Inter Paper 1, Ch 3 "Applicability of Accounting Standards"_