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Key Difference between Indian accounting standards and international accounting standards is?

Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 kruthika asked over 2 years ago

Hi May I know, Key Difference between Indian accounting standards and international accounting standards is?

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4 Answers
Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 acharya answered about 2 years ago

Hi, International Accounting Standards - These are accounting standard sissued by the International Accounting Standards Board (IASB) and its predecessor

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 veeru answered over 2 years ago

--Accounting Standards - These are the 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.

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 CA Sandeep Bohra answered over 2 years ago

> Key Difference between Indian accounting standards and international > accounting standards --**Accounting Standards -** These are the 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. **International Accounting Standards** - These are accounting standard sissued by the International Accounting Standards Board (IASB) and its predecessor

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Open uri20170510 32134 1uwcnoc?1494421631 Shubhangi Jain answered over 2 years ago

In international accounting LIFO and extraordinary items are prohibited

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