Question

Which organization has planned the convergence of Indian accounting standards with IFRS?

a.

Institute of Chartered Accountants of India (ICAI)

b.

Insurance Regulatory and Development Authority ( IRDA )

c.

International Accounting Standards Board ( IASB )

d.

Generally Accepted Accounting Principles (GAAP)

Answer: (a).Institute of Chartered Accountants of India (ICAI) Explanation:The Institute of Chartered Accountants of India (ICAI) has planned the convergence of Indian accounting standards with the International Financial Reporting Standards (IFRS). ICAI has worked in defining accounting standards for regulatory compliance by insurers in India and has submitted its recommendations to the IRDA for convergence.

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Q. Which organization has planned the convergence of Indian accounting standards with IFRS?

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