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      Question

      Which organization sets the GAAP standards in India?

      A Financial Accounting Standards Board (FASB) Correct Answer Incorrect Answer
      B International Accounting Standards Board (IASB) Correct Answer Incorrect Answer
      C Securities and Exchange Commission (SEC) Correct Answer Incorrect Answer
      D Institute of chartered accountants of India (ICAI) Correct Answer Incorrect Answer

      Solution

      GAAP of India has been established by ICAI in India, just like GAAP has been modified by ICAI in India and FASB in the United States of America.

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