Question

explain GAAP,ICAI, ASB, IFRS, NBFC, IAS, and IASB​

Answer 1

Answer:

International Accounting Standard (IAS) and International Financial Reporting Standard (IFRS) are the same. The difference between them is that IAS represents old accounting standard, such as IAS 17 Leases . While, IFRS represents new accounting standard, such as IFRS 16 Leases.

Though both the IASB and the FASB have the goal of establishing accounting and financial reporting standards, the FASB focuses on accounting standards in the United States, while the IASB focuses on global standards

At the conceptual level, IFRS is considered more of a principles-based accounting standard in contrast to GAAP, which is considered more rules-based. By being more principles-based, IFRS, arguably, represents and captures the economics of a transaction better than GAAP.

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Answer 2

Answer:

GAAP-Generally accepted accounting principles, or GAAP, are a set of rules that encompass the details, complexities, and legalities of business and corporate accounting. The Financial Accounting Standards Board (FASB) uses GAAP as the foundation for its comprehensive set of approved accounting methods and practices.

ICAI-The Institute of Chartered Accountants of India (ICAI) is a statutory body established by an Act of Parliament, viz. The Chartered Accountants Act, 1949 (Act No. XXXVIII of 1949) for regulating the profession of Chartered Accountancy in the country.

ASB-UK organization (similar to the US Financial Accounting Standards Board) responsible for drafting and establishing accounting standards. ASB is a subsidiary of Financial Reporting Council; one of its committees publishes the International Accounting Standards.

IFRS-International Financial Reporting Standards (IFRS) set common rules so that financial statements can be consistent, transparent, and comparable around the world. ... They specify how companies must maintain and report their accounts, defining types of transactions, and other events with financial impact.

NBFC-A Non-Banking Financial Company (NBFC) is a company registered under the Companies Act, 1956 engaged in the business of loans and advances, acquisition of shares/stocks/bonds/debentures/securities issued by Government or local authority or other marketable securities of a like nature, leasing, hire-purchase, insurance ...

IAS-The Indian Administrative Service (IAS) is the administrative arm of the All India Services. Considered the premier civil service of India, the IAS is one of the three arms of the All India Services along with the Indian Police Service and the Indian Forest Service.

IASB- The International Accounting Standards Board (IASB) is an independent, private-sector body that develops and approves International Financial Reporting Standards (IFRSs). The IASB operates under the oversight of the IFRS Foundation.

Explanation:

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