ALPHA Ltd$.,$ a mid$-$sized manufacturing company, is preparing to expand its operations internationally. As part of this expansion, the company needs to ensure its financial statements are compliant with both domestic and international accounting standards. ALPHA Ltd$.$ has been following Indian GAAP but is now considering adopting International Financial Reporting Standards $($IFRS$)$ and Indian Accounting Standards $($Ind AS$)$ due to its international ambitions. The management of ALPHA Ltd$.$ is faced with several decisions: Current Accounting Policies: The company follows traditional Indian GAAP which may not align with the new standards they are considering. They need to understand the implications of transitioning to Ind AS and IFRS. Implementation Strategy: They are also looking for a structured approach to implement Ind AS and integrate IFRS into their financial reporting system. Question: Identify and explain the meaning and objectives of accounting standards that ALPHA Ltd$.$ should consider in transitioning from Indian GAAP to Ind AS and IFRS. Discuss the significance of setting accounting standards in the context of ALPHA Ltd$.\text{'}$s international expansion. $(5$ marks$)$