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Question
What is the difference between Indian GAAP and Accounting 
Standards.
 Question Submitted By :: Finance
I also faced this Question!!     Answer Posted By  
 
Answer
# 1
GAAP Stands for Generally Accepted Accounting Principles.
Accounting Standardards are issued by the Institute of
Chartered Accountants of India (ICAI). This is the largest
accounting body in the country. Now the Accounting
Standards are 29.Accounting Standards are prepared by
export persons.Generally Accepted Accounting Principles
means just like Accounting Concept which means every person
can accept this principles.
 
Is This Answer Correct ?    41 Yes 17 No
M.kishore Kumar
 
Answer
# 2
Canadian GAAP consists of some changes with respect to the
one in India
 
Is This Answer Correct ?    5 Yes 23 No
H|l
 
 
 

 
 
 
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