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What is Indian GAAP?Explain in breif ?

Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 asked

What is Indian GAAP?Explain in breif ? Is there any difference between Indian GAPP and IFRS?

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 answered

Indian gaap is nothing but a set of accounting standards that every company operating in India has to follow when reporting its financial results. Generally Acceptable Accounting Standards differ for each country as they incorporate policies and procedures that have to be followed for financial disclosures as per the standards set in each country! ICAI is the body in India that has set the Accounting standards(Indian Accounting Standards) that need to be followed while financial reporting, all CAs, its members, are an integeral part of the corporates in India have the responsibility to report and furnish the financial results as per the set standards.

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