Differences between indiañ accounting standards ,ias and us gaaps
Answers
International Financial Reporting Standards (IFRS) is the revised name for IAS (International Accounting Standards). Non revised Standards continue with the prefix IAS. ‘Reporting’ rather than only accounting is the focus. AS generally referred to Accounting Standards in countries which had not adopted IAS fully. India, like many countries moved to converge (adapt rather than fully adopt) to IFRS and the modified standards are called IND AS. IFRS was to be the common Corporate Reporting for all countries who participated in Global commerce, other than US. USA has its own very prescriptive accounting rules called US GAAP ( Generally Accepted Accounting Practices). Foreign corporations listed in US can ofcourse follow IFRS even in US. A Global initiative to align IFRS and US GAAP (after the global financial crisis) is now stuck and almost dead.