Accounting · Financial Statements
The term 'Other Comprehensive Income (OCI)' became a prominent feature in financial statements primarily due to the adoption of which accounting framework?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Generally Accepted Accounting Principles (GAAP) of the United States
- 2Accounting Standards (AS) issued by the ICAI prior to 2015
- 3Indian Accounting Standards (Ind AS), which are converged with IFRS✓
- 4The basic principles of the Companies Act, 1956
Correct answer
Indian Accounting Standards (Ind AS), which are converged with IFRS
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