Question

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

Answer 1

Answer:

The key difference between IFRS vs Indian GAAP is that IFRS is the international accounting standards that provide guidance on how different transactions should be reported by the company in their financial statements which is used by many countries, whereas, Indian GAAP are the generally accepted accounting principles ...

Explanation:

The primary difference between the two systems is that GAAP is rules-based and IFRS is principles-based. This disconnect manifests itself in specific details and interpretations. Basically, IFRS guidelines provide much less overall detail than GAAP

Unlike Indian GAAP and IFRS, there is no exemption or relaxation in complying with US GAAP requirements except certain relaxations for non-public companies. ... There is no requirement to make an explicit and unreserved statement of compliance with Indian GAAP in

the financial statements.

The key difference between IFRS vs Indian GAAP is that IFRS is the international accounting standards that provide guidance on how different transactions should be reported by the company in their financial statements which is used by many countries, whereas, Indian GAAP are the generally accepted accounting principles ...

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