Assertion (A): Indian Accounting Standards contain same ‘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


  • A

    Both (A) and (R) are true and R) is correct explanation of A)


  • B

    Both (A) and (R) true but R) is NOT the correct explanation of (A)


  • C

    (A) is true but (R) is false


  • D

    (A) is false but (R) is true