Abstract
IFRS are designed to bring consistency to accounting language, practices and statements, and to help businesses and investors make educated financial analyses and decisions. The Ind AS are named and numbered in the same way as the corresponding International Financial Reporting Standards (IFRS). National Advisory Committee on Accounting Standards (NACAS) recommends these standards to the Ministry of Corporate Affairs (MCA). Indian viewpoints do not receive adequate attention at International Accounting Standard Board (IASB). Those are not debated adequately at the IASB before rejection. The present paper will discuss the reasons behind convergence of IFRs, rather than adoption. It also shows the Carve Outs of Ind AS from IFRS by providing valid reasons.
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