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  • Differences between IFRS, US GAAP and Indian GAAP

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    shinesanju
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    The document summarizes some of the key differences between International Financial Reporting Standards (IFRS), US Generally Accepted Accounting Principles (US GAAP), and Indian GAAP. Some differences include: IFRS allows revaluation of certain assets to fair value, while US GAAP does not except for some financial instruments; IFRS and US GAAP have limited exemptions from cash flow statements, while Indian GAAP has more exemptions; and IFRS only allows the purchase method for business combinations while US GAAP and Indian GAAP have no comprehensive standards.

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    Ifrs,Us Gaap and Indian Gaap

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    The document summarizes some of the key differences between International Financial Reporting Standards (IFRS), US Generally Accepted Accounting Principles (US GAAP), and Indian GAAP. Some differences include: IFRS allows revaluation of certain assets to fair value, while US GAAP does not except for some financial instruments; IFRS and US GAAP have limited exemptions from cash flow statements, while Indian GAAP has more exemptions; and IFRS only allows the purchase method for business combinations while US GAAP and Indian GAAP have no comprehensive standards.

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    Attribution Non-Commercial (BY-NC)
    Download as DOCX, PDF, TXT or read online from Scribd
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    58 views4 pages

    Differences between IFRS, US GAAP and Indian GAAP

    Uploaded by

    shinesanju
    The document summarizes some of the key differences between International Financial Reporting Standards (IFRS), US Generally Accepted Accounting Principles (US GAAP), and Indian GAAP. Some differences include: IFRS allows revaluation of certain assets to fair value, while US GAAP does not except for some financial instruments; IFRS and US GAAP have limited exemptions from cash flow statements, while Indian GAAP has more exemptions; and IFRS only allows the purchase method for business combinations while US GAAP and Indian GAAP have no comprehensive standards.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 4

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    Differences
    IFRS, US GAAP and INDIAN GAAP
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    Submitted by:-
    PGDM batch-A
    Group-2(FAR)c
    SUBJECT IFRS US GAAP INDIAN GAAP
    Historical cost Uses historical No Uses historical
    or cost but revaluations cost but
    fair valuation Intangible assets, except for property, plant
    property, plant certain types of and equipment
    and equipment financial may be revalued
    and investment instruments to fair value
    property may be
    revalued to fair
    value
    Cash flow No exemptions Limited Exemptions for
    statements- exemptions for SMEs having
    exemptions certain turnover or
    investment borrowings
    entities and below certain
    defined benefit threshold.
    plans
    Inventories FIFO or weighted Similar to IFRS, Similar to IFRS
    average method use of LIFO except
    used. LIFO permitted. capitalisation of
    prohibited. distribution cost
    is not allowed.
    Segment Internal financial Similar to IFRS. Group
    reporting- reporting policies accounting
    accounting apply. policies or entity
    policies accounting
    policies apply.
    Contingencies Disclose Similar to IFRS. Similar to IFRS,
    unrecognized except that
    possible losses contingent gains
    and probable are neither
    gains. recognized nor
    disclosed.
    Biological Measured at fair Not specified, Not specified,
    assets value less generally generally
    estimated point historical cost historical cost
    of sale costs, used. used.
    with changes in
    valuation
    recognized in the
    income
    statement.
    Depreciation Allocated on a Similar to IFRS. Similar to IFRS,
    systematic basis except where the
    to each useful life is
    accounting shorter,
    period over the depreciation is
    useful life of the computed by
    asset. applying a higher
    rate.

    Disclosures Detailed Similar to IFRS. Certain


    about information on disclosures are
    associates associate͛s required for all
    assets, liabilities, associates;
    revenue and detailed
    profit/loss is information not
    required. required.
    Types: All business Similar to IFRS. No
    acquisitions or combinations are comprehensive
    mergers acquisitions, thus accounting
    the purchase standard on
    method is the business
    only method of combinations.
    accounting that
    is allowed.
    Revenue Based on several Similar to IFRS Similar to IFRS
    recognition criteria, which in principle, conceptually,
    require the although there although several
    recognition of is extensive differences in
    revenue when detailed detail.
    risks and guidance for
    rewards and specific types
    control have of transactions
    been transferred that may lead
    and the revenue to differences
    can measured in practice.
    reliably.

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