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    Question

    Which of the following best describes "Ind-AS" in

    accounting?
    A A set of accounting standards issued by the Indian Institute of Chartered Accountants Correct Answer Incorrect Answer
    B A set of accounting standards issued by the Securities and Exchange Board of India. Correct Answer Incorrect Answer
    C A set of accounting standards that are mandatory for listed companies in India. Correct Answer Incorrect Answer
    D A set of accounting standards that are voluntary for companies in India. Correct Answer Incorrect Answer

    Solution

    Ind-AS stands for Indian Accounting Standards and is a set of accounting standards that are based on the International Financial Reporting Standards (IFRS). These standards have been adopted by the Ministry of Corporate Affairs in India and are mandatory for certain classes of companies, including listed companies, banks, and insurance companies, for the preparation of their financial statements.

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