differentiating between the two standards.

2. ACCOUNTING STANDARDS
(GAAP)
Accounting standards are authoritative standards for
financial reporting and are the primary source of
generally accepted accounting principles (GAAP).
Accounting standards specify how transactions and
other events are to be recognized, measured, presented
and disclosed in financial statements. The objective of
such standards is to provide financial information to
investors, lenders, creditors, contributors and others
that is useful in making decisions about providing
resources to the entity.

3.  In India, there are total of 39 Accounting Standards as IAS
under National Advisory Committee on Accounting
Standards (NACAS) as of now. The Ind AS are named and
numbered in the same way as the corresponding IFRS.
 As per International Accounting Standards Board (IASB),
there are 41 Accounting Standards called as International
Financial Reporting Standards (IFRS) adopted by 8
countries in the world including New Zealand where it is
known as NZ IFRS.

4. Some Accounting Standards
Accounting for Inventories (AS-2)
Cash Flow Statements (AS-3)
Accounting for investments (AS-13)
Intangible Assets (AS-26)
Impairment of Assets (AS-28)

5.  In India GAAP (Generally Accepted Accounting Principals)
standards are set by the Institute of Chartered Accountants of
India (ICAI). ICAI continually updates GAAP as new
accounting issues and concerns arise. Financial statements
submitted to the SEBI (Securities and Exchange Board of
India) by publicly traded companies are required to meet
GAAP standards.
 In New Zealand, the equivalent of GAAP is IAS
(International Accounting Standards) which is maintained by
the International Accounting Standards Board (IASB)
founded in April, 2001.

6.  Indian Accounting Standards (abbreviated as India AS) are a set of
accounting standards notified by the Ministry of Corporate
Affairs which are converged with International Financial Reporting
Standards (IFRS). These accounting standards are formulated by
Accounting Standards Board of Institute of Chartered Accountants of
India. India have two sets of accounting standards viz. existing
accounting standards under Companies (Accounting Standard) Rules,
2006 and IFRS converged Indian Accounting Standards(Ind AS).
 The New Zealand Institute of Chartered Accountants (NZICA) was the
operating name for the Institute of Chartered Accountants of New
Zealand. The Institute represents over 33,000 members in New Zealand
and overseas. The Institute adopted the name Institute of Chartered
Accountants of New Zealand in 1996. Prior to that, it was known as
the New Zealand Society of Accountants

7.  The basic objective of Indian Accounting Standards is to
formulate and publish in the public interest Accounting
Standards to be observed in the presentation of financial
statements and to promote their worldwide acceptance and
observation and to work for the improvement and
harmonization of regulation of Accounting Standards and
procedures relating to the presentation of financial statements.
 Institute of Chartered Accountant of New Zealand main
objective is to control and regulate the practice of the
profession of accountancy in New Zealand.

8.  The institute of Chartered Accountant of India is the
national professional accounting body of India. It was
established as a body corporate under the Chartered
Accountants Act, 1949 enacted by the Parliament to
regulate the profession of Chartered Accountancy in
India.
 The New Zealand Institute of Chartered Accountants
(NZICA) is the membership body of choice. It was
established in 1908.

9. The authority issuing the standards is council of
the ICAI. The constitution of that authority has
24 elected members and 6 nominees of the
Central Government.
The New Zealand Accounting Standards Board
(NZASB) is a Committee of the External Reporting
Board (XRB) established under schedule 5 of the
Crown Entities Act.

10.  There are 3 types of membership in ICAI known as Chartered
Accountant (CA), Associate Chartered Accountant (A.C.A) and Fellow
Chartered Accountant (F.C.A). CA requires passing prescribed exam and
3 years practical training. Members with less than 5 years membership
are said to be A.C.A while member who has been in continuous practice
in India or has worked for a commercial or government organization for
at least five years and meets other condition as laid by government is
known as F.C.A.
 NZICA have 2 types of membership known as Chartered Accountant
(CA) and Associate Chartered Accountant (A.C.A). The CA designation
denotes an accountant qualified to offer the full range of accountancy
services privately and to the public while the A.C.A designation is a mid-
level qualification. Its members must complete professional education
requirements, but are not entitled to offer service to the public.

11.  The body formulating the accounting standards is known as
Accounting Standards Board (ASB) consisting of 31 members.
The main function of the ASB is to formulate Accounting Standards
so that such standards may be established by the ICAI in India.
While formulating the Accounting Standards, the ASB will take into
consideration the applicable laws, customs, usages and business
environment prevailing in India.
 The body formulating the accounting standards is known as New
Zealand Accounting Standards Board (NZASB) consisting of up to
10 members. The NZASB has delegated authority from the XRB
Board to develop or adopt and issue accounting standards for general
purpose financial reporting in New Zealand.