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    Diff. Bet. U.S Gaap & Ind. Gaap

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    jhonyrishabh
    This document compares key differences between IFRS and Indian GAAP. Some of the main differences include: IFRS allows revaluation of certain assets to fair value, while Indian GAAP uses historical cost but allows revaluation of some tangible assets. IFRS does not prescribe a balance sheet format but uses liquidity presentation, while Indian GAAP formats are prescribed by regulations. IFRS prohibits extraordinary items but Indian GAAP defines them as distinct from ordinary activities. IFRS requires a statement of changes in equity while Indian GAAP does not require a separate statement.

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    Diff. Bet. U.S Gaap & Ind. Gaap

    Uploaded by

    jhonyrishabh
    27 views3 pages
    This document compares key differences between IFRS and Indian GAAP. Some of the main differences include: IFRS allows revaluation of certain assets to fair value, while Indian GAAP uses historical cost but allows revaluation of some tangible assets. IFRS does not prescribe a balance sheet format but uses liquidity presentation, while Indian GAAP formats are prescribed by regulations. IFRS prohibits extraordinary items but Indian GAAP defines them as distinct from ordinary activities. IFRS requires a statement of changes in equity while Indian GAAP does not require a separate statement.

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    Diff. Bet. u.s Gaap & Ind. Gaap

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    This document compares key differences between IFRS and Indian GAAP. Some of the main differences include: IFRS allows revaluation of certain assets to fair value, while Indian GAAP uses historical cost but allows revaluation of some tangible assets. IFRS does not prescribe a balance sheet format but uses liquidity presentation, while Indian GAAP formats are prescribed by regulations. IFRS prohibits extraordinary items but Indian GAAP defines them as distinct from ordinary activities. IFRS requires a statement of changes in equity while Indian GAAP does not require a separate statement.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    27 views3 pages

    Diff. Bet. U.S Gaap & Ind. Gaap

    Uploaded by

    jhonyrishabh
    This document compares key differences between IFRS and Indian GAAP. Some of the main differences include: IFRS allows revaluation of certain assets to fair value, while Indian GAAP uses historical cost but allows revaluation of some tangible assets. IFRS does not prescribe a balance sheet format but uses liquidity presentation, while Indian GAAP formats are prescribed by regulations. IFRS prohibits extraordinary items but Indian GAAP defines them as distinct from ordinary activities. IFRS requires a statement of changes in equity while Indian GAAP does not require a separate statement.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 3

    DIFFERENCE BETWEEN IFRS & INDIAN GAAP

    S. NO. SUBJECT IFRS INDIAN GAAP


    1. HISTORICAL COST Generally, it uses uses historical
    historical cost but cost, but tangible
    in form of assets &
    intangible assets & derivatives are
    other tangible revalued to fare
    assets are values.
    revalued at fair No comprehensive
    value. Certain guidelines for
    other assets like biological assets
    derivatives are
    revalued to fare
    values.
    2. Balance sheet Does not prescribe Accounting
    a particular format standard do not
    .a liquidity prescribe a
    presentation of particular format .
    assets and Certain items must
    liabilities are be presented on
    used .instead of the face of balance
    current/non- sheet
    current Formats are
    presentation only prescribed by
    liquidity company acts and
    presentation is other industry
    used which regulations like
    provides more banking, insurance
    relevant and ,etc.
    reliable
    information
    Certain items
    must be presented
    on the face of the
    balance sheet
    3. Income statement Does not prescribe Does not prescribe
    any particular standard format
    format although but certain items
    expenditure is and expenditure
    presented in one must be disclosed
    of the two on accordance to
    formats(function company act and
    or nature ) Certain accounting
    minimum items standards .
    must be presented
    on the face of the
    balance sheet
    4. Extraordinary Prohibited Defined as events
    items or transaction
    clearly distinct
    from ordinary
    activities of the
    entity and are not
    expected to recur
    frequently and
    regularly
    5. Statement of Statement shows No separate
    changes of equity capital transaction statement is
    (shareholders) with owners ,the required
    movement in
    accumulated profit
    and reconciliation
    of other
    components of
    equity
    6. Cash flow Standard heading Indirect method is
    statement format and limited used for listed
    and method guidance on company and
    contents. Direct or direct methods is
    indirect methods used for insurance
    are used companies
    7. Cash flow No exemption Exemption for
    statement certain Small and
    exemption middle enterprise
    (smes) having
    turnover and
    borrowing below a
    certain threshold
    level

    SUBMITTED TO: SUBMITTED BY :

    Dr. Revathi Iyer Rishabh Mittal

    Asso. Professor – Finance Class – 2

    IFRS

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