What is difference between US GAAP and Indian GAAP?

Indian GAAP, like UK GAAP and IAS, allows the revaluation of property, plant and equipment, while US GAAP does not allow revaluation. Foreign currency transaction differences (AS 11). International GAAP does not allow such foreign currency transaction differences to be capitalised.

What is the difference between IFRS and Indian GAAP?

The key difference between IFRS vs Indian GAAP is that IFRS is the international accounting standards that provide guidance on how different transactions should be reported by the company in their financial statements which is used by many countries, whereas, Indian GAAP are the generally accepted accounting principles …

What is the biggest difference between IFRS and US GAAP?

The primary difference between the two systems is that GAAP is rules-based and IFRS is principles-based. This disconnect manifests itself in specific details and interpretations. Basically, IFRS guidelines provide much less overall detail than GAAP.

What are the similarities and differences between GAAP and IFRS?

GAAP vs. IFRS. A major difference between GAAP and IFRS is that GAAP is rule-based, whereas IFRS is principle-based. With a principle based framework there is the potential for different interpretations of similar transactions, which could lead to extensive disclosures in the financial statements.

Which is better GAAP or IFRS?

At the conceptual level, IFRS is considered more of a principles-based accounting standard in contrast to GAAP, which is considered more rules-based. By being more principles-based, IFRS, arguably, represents and captures the economics of a transaction better than GAAP.

When to use GAAP vs IFRS?

IFRS is keener on the model is used to review the facts while the GAAP focuses more on the kind of narrative that is used. The US GAAP allows a high risk and reward model while IFRS provides a platform for the search of a singular model of financial reporting.

What are the generally accepted accounting principles?

Generally accepted accounting principles (GAAP) are varied but based on a few basic principles that must be upheld by all GAAP rules. These principles include consistency, relevance, reliability, and comparability. Consistency means that all information should be gathered and presented the same across all periods.