To Converge refers to “come together” or “to meet” or “to join” etc. Adopt refers to “Accept” or “take up”
IAS 1 requires that the financial statements to comply with all requirements of IFRS. This does not mean that IFRS should be adopted word by word. The local standard setters can add disclosure requirements or can remove some requirements which do not result in non-compliance with IFRS.
Thus, convergence with IFRS means adoption of IFRS with exceptions wherever necessary. “Convergence of IFRS with IND AS” means achieving harmony with IFRS’s.Adoption may result in nil or negligible departure from IFRS whereas convergence may result in significant departures from IFRS.
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