Banking · Accounting Standards
Consider the following statements regarding accounting frameworks in India: 1. Ind AS are converged with IFRS, rather than being literal adoptions, to suit the Indian environment. 2. In a conflict between the Companies Act 2013 and an Accounting Standard, the provisions of the Act prevail. 3. Banking financial formats are governed by the Third Schedule of the Banking Regulation Act 1949 (Form A & B). 4. AS 3 mandates the preparation of a Cash Flow Statement categorized into Operating, Investing, and Financing activities. Which of the following summaries accurately reflects the validity of these statements?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Only Statement 3 is correct.
- 2Statement 1 is correct, while Statements 2, 3, and 4 are incorrect.
- 3Statements 1 and 2 are correct, while Statements 3 and 4 are incorrect.
- 4Statements 1, 3, and 4 are correct, while Statement 2 is incorrect.✓
Correct answer
Statements 1, 3, and 4 are correct, while Statement 2 is incorrect.
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