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Ind as vs us gaap

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Ind as vs us gaap Ind as vs us gaap Presentation Transcript

  • IND AS Vs US GAAP Presented By :- AAMIR KHAN (13BSP0009)
  • Presented to Respected BHAWANA CHHABRA MAM
  • What is an Accounting Standard? • Accounting Standards are written documents issued by expert accounting body, government and other regulatory body covering the aspect of Recognition Measurement Treatment Presentation Disclosure
  • Accounting Standard in India • In India the Accounting Standard Board (ASB) of Institute of Charted Accountant of India (ICAI) is responsible for setting Accounting Standards • The ASB comprises members of the central council of ICAI as well as certain members from the professional industry and various other segment & government agencies
  • US GAAP The US GAAP (Generally Accepted Accounting Principles )is established by the financial Accounting standard Board (FASB) and American Institute of certified public accountants (AICPA) WHY DO WE NEED TO STUDY US GAAP ? With the Globalization of Economy Indian companies are also being listed on the stock exchange all over the world. To get listed on NYSE and NASDAQ & float GDR an Indian Company either needs to Publish accounts under US GAAP or expressly publish the reconciliation of its Financial Result with US GAAP
  • OVERVIEW Financial Statement in US include 3 report Balance Sheet Income Statement Fund Flow Statement In India only Balance Sheet and Income Statement are required • Though there is basic similarity in accounting principles throughout the world, Indian Accounting Standards differ in some respects from US GAAP. The US GAAP has nearly 100 accounting standards as compared to 35 in India •
  • COMPARISION IAS VS US GAAP US GAAP Indian Accounting Standard FAS 129 Disclosure of Information about Capital Structure IAS 1 Presentation of Financial FAS 130 Reporting Comprehensive Income IAS 1 Presentation of Financial Statements APB 22 Disclosure of Accounting Policies IAS 1 Presentation of Financial Statements FAS 117 Financial Statements of Not-for- Profit Organisations IAS 1 Presentation of Financial Statements FAS 6 Classification of Short-Term Obligation Expected to Be Refinanced IAS 1 Presentation of Financial Statements
  • COMPARISION IAS VS US GAAP US GAAP Indian Accounting Standard FAS 87 Employer’s Accounting for Pensions IAS 19 Employee Benefits FAS 112 Employers’Accounting for Postemployment Benefits IAS 19 Employee Benefits FAS 132 Employers’ Disclosures about Pensions and Other Postretirement Benefits IAS 19 Employee Benefits FAS 106 Employers’Accounting for Postretirement Benefits Other Than Pensions IAS 19 Employee Benefits
  • COMPARISION IAS VS US GAAP US GAAP Indian Accounting Standard FAS 13 Accounting for Leases IAS 17 Leases FAS 23 Inception of the Lease IAS 17 Leases FAS 28 Accounting for Sales with Leasebacks IAS 17 Leases FAS 29 Determining Contingent Rentals IAS 17 Leases
  • COMPARISION IAS VS US GAAP US GAAP Indian Accounting Standard FAS 16 Prior Period Adjustments IAS 8 Net Profit or Loss for the Period Fundamental Errors and Changes in Accounting Policies APB 20 Accounting Changes IAS 8 Net Profit or Loss for the Period, Fundamental Errors and Changes in Accounting Policies APB 16 Business Combinations IAS 22 Business Combination FAS 38 Accounting for Pre acquisition Contingencies of Purchased Enterprises IAS 22 Business Combination
  • COMPARISION IAS VS US GAAP US GAAP Indian Accounting Standard FAS 95 Statement of Cash Flows IAS 7 Cash Flows Statements FAS 104 Statement of Cash Flows – Net Reporting of Certain Cash Receipts and Cash Payments and Classification of Cash Flows from Hedging Transactions IAS 7 Cash Flow Statements FAS 105 Disclosure of Information about Financial Instruments with Off-Balance-Sheet Risk and Concentrations of Credit Risk IAS 32 Financial Instruments: Disclosure and Presentation FAS 119 Disclosure about Derivative Financial Instruments and Fair Value of Financial Instruments IAS 32 Financial Instruments: Disclosure and Presentation
  • COMPARISION IAS VS US GAAP US GAAP Indian Accounting Standard FAS 2 Accounting for Research and Development Costs IAS 38 Intangible Assets APB 17 Intangible Assets IAS 38 Intangible Assets FAS 3 Reporting Accounting Changes in Interim Financial Statements IAS 34 Interim Financial Reporting FAS 34 Capitalization of Interest Cost IAS 23 Borrowing Costs FAS 35 Accounting and Reporting by Defined Benefit Pension Plans IAS 26 Accounting and Reporting by Retirement Benefit Plans
  • COMPARISION IAS VS US GAAP US GAAP Indian Accounting Standard FAS 115 Accounting for Certain Investments in Debt and Equity Securities IAS 25 Accounting for Investments FAS 89 Financial Reporting and Changing Prices IAS 15 & IAS 29 Information Reflecting the Effects of Changing Prices and IAS 29, Financial Reporting in Hyperinflationary Economics FAS 94 Consolidation of All Majority-Owned Subsidiaries IAS 27 Consolidated Financial Statement Accounting for Investments Subsidiaries
  • COMPARISION IAS VS US GAAP US GAAP Indian Accounting Standard FAS 121 Accounting for the Impairment of Long- Lived Assets and for Long- Lived Assets to Be Disposed Of IAS 36 Impairment of Assets FAS 125 Accounting for transfers and Servicing of Financial Assets and Extinguishments of Liabilities IAS 39 Financial Instruments: Recognition And Measurement FAS 5 Accounting for Contingencies FAS 6 Classification of Short- Term Obligation Expected to Be Refinanced FAS 128 Earnings per Share IAS 33 Earnings Per Share
  • COMPARISION IAS VS US GAAP US GAAP Indian Accounting Standard APB 18 The Equity Method of Accounting for Investments in Common Stock IAS 28 & IAS 31 Accounting for Investments in Associates and IAS 31, Financial Reporting of interest in Joint Ventures FAS 131 Disclosures about Segments of an Enterprise and Related Information IAS 14 Segment Reporting FAS 52 Foreign Currency Translation IAS 21 The Effects of Changes in Foreign Exchange Rates FAS 57 Related Party Disclosures IAS 24 Related Party Disclosures
  • COMPARISION IAS VS US GAAP US GAAP Indian Accounting Standard ARB 43 Depreciation IAS 4 Depreciation Accounting ARB 43 Property, Plant and Equipment IAS 16 Property, Plant and Equipment and IAS 20, Accounting for Government Grants and Disclosure of Government Assistance ARB 43 Inventories IAS 2 Valuation of Inventories ARB 45 Long term Construction – Type contracts IAS 11 Construction Contracts
  • COMPARISION IAS VS US GAAP • No Corresponding Indian Accounting Standard Exists for US GAAP – FAS 4, 7, 9, 10, 11, 15, 19, 22, 27, 37, 42, 43, 44, 49, 50, 51, 53, 58, 60, 61, 62, 63, 64, 65, 66, 67, 68, 69, 71, 72, 73, 78, 79, 80, 84, 86, 88, 90, 91, 92, 93, 97, 98, 99, 101, 102, 110, 111, 113, 114, 116, 120, 123, 124 ,126, 127, 134, 135 & 137.
  • TIME TO RELEASE THE STRESS