Difference in Accounting under US GAAP, UK IFRS, and Indian Ind AS

  Introduction While accounting might aim at the same basic goal of showing a realistic and meaningful portrayal of a firm’s financial situation in every place, the methods may differ greatly from one country to another. This problem arises especially when considering businesses that function in the United States, United Kingdom and India. There are basically three main systems, which include US GAAP, IFRS Accounting Standards in UK and Indian Accounting Standards (Ind AS). While there is much similarity between these systems, some details in recognition, measurement, presentation and disclosure may differ. This knowledge is crucial for international businesses, financiers and accountants. GAAP (USA) Vs IFRS (UK) vs Ind AS (India): Comparison Overview GAAP (USA) stands for Generally Accepted Accounting Principles and is an accounting standard system followed in USA. GAAP is developed mostly by FASB (Financial Accounting Standards Board). GAAP standards normally have quite detailed ...