Banking · Accounting Standards
Statement A: Accounting Standards are intended to provide a framework so that the financial statements of different enterprises can be compared effectively by stakeholders such as investors and creditors. Reason R: The Ministry of Corporate Affairs (MCA) has mandated the use of Indian Accounting Standards (Ind AS) for all Urban Co-operative Banks and Regional Rural Banks starting from the fiscal year 2024-2025.
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Both A and R are true, and R is the correct explanation of A.
- 2Both A and R are true, but R is not the correct explanation of A.
- 3A is true, but R is false.✓
- 4A is false, but R is true.
Correct answer
A is true, but R is false.
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