Statement 1: Adoption means the application of IFRS issued by IASB as it is in entirety. Convergence means using IFRS issued by IASB with some carve-in and carve-outs.
Statement 2: Ind AS once adopted either voluntarily or mandatorily can not be revoked in prospective years even in case of net worth goes down from specified limit or any other criteria given in roadmap.
1
Both the statements are true.
2
Both the statements are false.
3
Statement 1 is true but statement 2 is false.
4
Statement 1 is false but statement 2 is true.