Page 24 - IC46 addendum

General Insurance Accounts (IC-46)

29. Find the incorrect statement:
a. Indian is having three sets of accounting

standards.
b. India is having two sets of accounting

standards AS and Ind AS.
c. The new set of Ind AS are named are

numbered in the same way as the
corresponding IFRS.
d. IND AS is applicable from 2015 - 16 on a
voluntary basis.
e. IND AS is mandatorily applicable from 2016-
17.

30. Find the incorrect statement:
a. More than 140 countries have already agreed

to adopt IFRS.
b. ICAI has submitted Indian accounting

standard conversed with IFRS to the National
Advisory Committee On Accounting
Standards.
c. National Advisory Committee On Accounting
Standards have recommended 30 IND AS to
Ministry of corporate affairs.
d. Ministry of corporate affairs, has notified 39
new IND AS.
e. All are correct.

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