Accounts management is the basic need of any Business. And there are so many standards of Accounting , followed by so many Countries.
There are basically two major Accounting System Standards in the World . One is the US based GAAP (Generally Accepted Accounting Principles) and the other is IFRS (International Financial Reporting Standards)
The Differences between these two major Accounting System is well analysed in the Article Published at investopedia Website, which can be read at the link here
As per the Investopedia findings they put Both Accounting Standards like
There are basically two major Accounting System Standards in the World . One is the US based GAAP (Generally Accepted Accounting Principles) and the other is IFRS (International Financial Reporting Standards)
The Differences between these two major Accounting System is well analysed in the Article Published at investopedia Website, which can be read at the link here
As per the Investopedia findings they put Both Accounting Standards like
"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"
What is the Accounting Standard India Use ?
Ans : In India the Accounting Standard Follows GAAP, but its get changed in the Year 2016 to its own Accounting Standard called India Accounting Standard (Ind AS).
The New IND AS Standard principles accepted by India , which started form Financial Year 2017 (FY 2017) are very closely adhere to the international accounting system (IFRS) rather than GAAP..
You can See the List of Indian Accounting Standards available in the Ministry of Corporate Affairs (MCA ) Website here. (http://www.mca.gov.in/MinistryV2/Stand.html)
All listed and grouped EU companies have been required to use IFRS since 2005, Canada moved in 2009,Taiwan in 2013,and other countries are adopting local versions.
More Details can be learned at the Official Website of IFRS at https://www.ifrs.org/use-around-the-world/
You can See the List of Indian Accounting Standards available in the Ministry of Corporate Affairs (MCA ) Website here. (http://www.mca.gov.in/MinistryV2/Stand.html)
Does All Countries in the World Accepting Global Accounting Standards Like IFRS ?
As per Wikipedia, We found out that Like India , Many countries are converging on the International Financial Reporting Standards (IFRS) that were established and are maintained by the International Accounting Standards Board. In some countries, local accounting principles are applied for regular companies but listed or large companies must conform to IFRS, so statutory reporting is comparable internationally.All listed and grouped EU companies have been required to use IFRS since 2005, Canada moved in 2009,Taiwan in 2013,and other countries are adopting local versions.
More Details can be learned at the Official Website of IFRS at https://www.ifrs.org/use-around-the-world/
Current Status of Global Accounting Standards?
While there are Complete list of IFRS standrads listed here at the Official Website (https://www.ifrs.org/issued-standards/list-of-standards/), Most of the Countries in Europe, Africa , Asia and Australia have taken it into Practice.
It Seems Slowly Most of the Countries are in the path to completely adopt the |IFRS Accounting Global Standards for its transparency and accountability features.
As per the Website https://www.ifrs.com on Google search We found out that it says
Approximately 120 nations and reporting jurisdictions permit or require IFRS for domestic listed companies, although approximately 90 countries have fully conformed with IFRS as promulgated by the IASB and include a statement acknowledging such conformity in audit reports
For Complete List of FAQ's you can Visit the Website Link at https://www.ifrs.com/ifrs_faqs.html#q3
I think there is some confusion regarding naming of accounting system. Wether it's called accounting standards or accounting system ? Please write some more insight into this .
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