explain GAAP,ICAI, ASB, IFRS, NBFC, IAS, and IASB
Answers
Answer:
IAS =INDIAN ADMINISTRATIVE SERVICE
NBFC= NATIONAL BANK FINATIAL CORPORATION
Answer:
GAAP : Generally Accepted Accounting Principles
Generally Accepted Accounting Principles is the accounting standard adopted by the U.S. Securities and Exchange Commission.
ICAI : Institute of Chartered Accountants of India
The Institute of Chartered Accountants of India is the national professional accounting body of India. It was established on 1 July 1949 as a statutory body under the Chartered Accountants Act, 1949 enacted by the Parliament to regulate the profession of Chartered Accountancy in India.
ASB : Accounting Standards Board
o provide, from time to time, interpretations and guidance to support implementation of Accounting Standards, including publishing education material, guidance notes, technical guides, implementation guide, e-learning tools etc. ... To carry out such other functions relating to Accounting and Accounting Standards.
IFRS : International Financial Reporting Standards
International Financial Reporting Standards, commonly called IFRS, are accounting standards issued by the IFRS Foundation and the International Accounting Standards Board.
NBFC : Non-bank financial institution
A non-banking financial institution or non-bank financial company is a financial institution that does not have a full banking license or is not supervised by a national or international banking regulatory agency.
IAS : International Accounting Standards
International Accounting Standards (IASs) were issued by the antecedent International Accounting Standards Council (IASC), and endorsed and amended by the International Accounting Standards Board (IASB).
IASB : International Accounting Standards Board
The International Accounting Standards Board is the independent, accounting standard-setting body of the IFRS Foundation. The IASB was founded on April 1, 2001, as the successor to the International Accounting Standards Committee.