Accounting · Ind AS

Consider the following statements regarding the convergence of Indian Accounting Standards (Ind AS) with International Financial Reporting Standards (IFRS): I. The Indian Accounting Standards (Ind AS) incorporate specific modifications, known as 'carve-outs', to ensure their suitability within the Indian business environment. II. The formulation of these accounting standards falls under the purview of the Accounting Standards Board (ASB) within the Institute of Chartered Accountants of India (ICAI). III. Convergence with IFRS strictly requires the adoption of global standard requirements in their entirety, without any degree of modification. IV. Despite the divergences caused by 'carve-outs', the overall objective remains convergence with globally recognized standards. Choose the correct answer from the options given below: