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4 IAS is an initiative of International Accounting Standards Committee IASC. As an analysis of the text of IFRS as issued by the IASB as compared to the text of US. The IASB is exploring ways in which to integrate more closely with national process.

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Gaap and iasb. Some of them are listed below. Principles of accounting can also refer to the generally accepted accounting principles GAAP. Accordingly IASB and FASB the main objectives of the project are to provide a single revenue recognition model that could apply consistently across various industries and transactions to develop a model on changes in specific assets and liabilities that would eliminate inconsistencies in existing concepts and standards and to converge IFRS and US.

GAAP provides separate objectives for business entities and nonentities while the IFRS provides one objective for both. Difference between Indian and US GAAP We all know that Indian accounting has undergone lot of changes but still there are big differences between Indian GAAP and US GAAP. In this paper the Staff summarizes the results of its analysis.

Close co-ordination between the IASB and National standards setters is important. Interaction of local GAAP bodies with the IASB. 3 GAPP is specific to a country.

When the Principles of accounting are referred to in this context it is meant to describe both the underlying basic accounting constables as well as the official accounting pronouncements that are issued by the Financial Accounting Standards Board FASB and any predecessor organizations. Going Concern and Accrual concepts are not well developed in US GAAP. IASB framework includes two elements related to financial performance namely income and expenses.

And Indian GAAP as they exist today and to the timing and scope of accounting changes that the standard setting agendas of the International Accounting Standards Board IASB the Financial Accounting Standards Board FASB and Institute of Chartered Accountants of. IASB is is an independent body whereas GAAP refers the set of guidelines that IASB wishes countries to adopt as standard Accounting principles. 5 GAAP differ from country to country but most countries try to incorporate changes adopted by IASC in their GAAP.

About the International Accounting Standards Board Board The Board is an independent group of experts with an appropriate mix of recent practical experience in setting accounting standards in preparing auditing or using financial reports and in accounting education. Joint projects being conducted with the IASB. Such integration may grow as the relationship between IASB.

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