What is the difference between I GAAP & Indian Accounting Standards?
5 Replies
CA ANKUSH AGGARWAL
(CHARTERED ACCOUNTANT)
(2782 Points)
Replied 15 December 2010
GAAP Stands for Generally Accepted Accounting Principles.
Accounting Standardards are issued by the Institute of
Chartered Accountants of India (ICAI) which is the largest
accounting body in the country. Now the Accounting
Standards are 32.Accounting Standards are prepared by
expert persons.Generally Accepted Accounting Principles
means just like Accounting Concept which means every person
can accept this principles.
Ruhhan
(Job)
(249 Points)
Replied 15 December 2010
Dear Ankush,
Thanks for you reply. But can you kindly elaborate more on this.
Lone warrior..!!
(Article Assistant)
(623 Points)
Replied 15 December 2010
GAAP is a general term used to describe AS of a particular country like AS is Indian GAAP....
US has no AS so they say theirs as US GAAP & So also UK fellos as UK GAAP...
For Australia they follow IFRS(A-IFRS) u can call its as Australian GAAP...
the name is as apt as its expansion of the word...
GENERALLY Accepted Accounting Principls....(or Policies or Procedures)
Lone warrior..!!
(Article Assistant)
(623 Points)
Replied 16 December 2010
No probs dude..... welcome....
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