Q.
1
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
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A
Both (A) and (R) are true and R) is correct explanation of A)
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B
Both (A) and (R) true but R) is NOT the correct explanation of (A)
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C
(A) is true but (R) is false
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D
(A) is false but (R) is true