Teaching UGC NET Mock Test Series 2025 (Paper 1 & 2) Accounting and Auditing Financial Statements Analysis Indian Accounting Standards and IFRS
Given below are two statements. one is labelled as Assertion A and the other is labelled as Reason R
Assertion A: IFRS and GAAP are two accounting systems competing for international acceptance.
Reason R: Indian Accounting Standards (Ind AS) are in convergence with both. the IFRS and the GAAP.
In light of the above statements. choose the most appropriate answer from the options given below
1
Both A and R are correct and R is the correct explanation of A
2
Both A and R are correct but R is NOT the correct explanation of A
3
A is correct but R is not correct
4
A is not correct but R is correct