Q. The term “Ind AS” is often seen in news is related to which of the following?

[A] It is a new domestic rating agency of India.

[B] It is a sub-committee representing South Asia of International Solar Alliance (ISA).

[C] It is a new accounting norms.

[D] It is a bad bank created to control the growing Non Performing Assets (NPA).

Answer: C

Indian Accounting Standard (abbreviated as Ind-AS) is the Accounting standard adopted by companies in India and issued under the supervision of Accounting Standards Board (ASB) which was constituted as a body in the year 1977. 

Presently, the Institute of Chartered Accountants of India (ICAI) has issued 39 Indian Accounting Standards (Ind AS) which have been notified under the Companies (Indian Accounting Standards) Rules, 2015 (‘Ind AS Rules’), of the Companies Act, 2013. 

Source: The Hindu