Accounting standard

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Querist : Anonymous

Querist : Anonymous (Querist)

05 August 2011 WHAT IS PRINCIPLE BASED AND RULE BASED ACCOUNTING STANDARDS. AND WHAT ARE THE DIFFERENCES BETWEEN THE TWO ?

CA. Vikash Dwivedi

CA. Vikash Dwivedi (Expert)
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05 August 2011 can you give me the source where you learnt this, i would also like to see.

wrt AS :there are 3 classes of AS.
1) AS issued by ICAI ( total 33 AS for other than companies)
2) AS notified by MCA (total 29 AS for Companies)
3) Ind AS IFRS replica (total 35 IndAS)

Querist : Anonymous

Querist : Anonymous (Querist)

09 August 2011 Thank u sir.I was going through the difference between US GAAP and IFRS, i found US GAAP is rule based AS where as IFRS is principle based AS. I'm sharing the link where i found it. http://www.investopedia.com/ask/answers/09/IFRS-GAAP.asp#axzz1UXLqczip

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