This document compares accounting standards in India (Ind AS) and the United States (US GAAP). It provides an overview of what accounting standards are and who sets them in each country. In India, accounting standards are set by the Accounting Standards Board, while in the US they are set by the Financial Accounting Standards Board and the American Institute of Certified Public Accountants. It also notes that understanding US GAAP is important for Indian companies seeking international listings. The document then provides a side-by-side comparison of numerous individual accounting standards between the two systems.

1. IND AS Vs US GAAP
Presented By :- AAMIR KHAN (13BSP0009)

2. Presented to
Respected BHAWANA CHHABRA MAM

3. What is an Accounting Standard?
• Accounting Standards are written documents
issued by expert accounting body, government
and other regulatory body covering the aspect
of
Recognition
Measurement
Treatment
Presentation
Disclosure

4. Accounting Standard in India
• In India the Accounting Standard Board (ASB) of
Institute of Charted Accountant of India (ICAI) is
responsible for setting Accounting Standards
• The ASB comprises members of the central council of
ICAI as well as certain members from the professional
industry and various other segment & government
agencies

5. US GAAP
The US GAAP (Generally Accepted Accounting
Principles )is established by the financial Accounting
standard Board (FASB) and American Institute of
certified public accountants (AICPA)
WHY DO WE NEED TO STUDY US GAAP ?
With the Globalization of Economy Indian companies are
also being listed on the stock exchange all over the world.
To get listed on NYSE and NASDAQ & float GDR an
Indian Company either needs to Publish accounts under
US GAAP or expressly publish the reconciliation of its
Financial Result with US GAAP

6. OVERVIEW
Financial Statement in US include 3 report
Balance Sheet
Income Statement
Fund Flow Statement
In India only Balance Sheet and Income Statement are
required
• Though there is basic similarity in accounting
principles throughout the world, Indian Accounting
Standards differ in some respects from US GAAP. The
US GAAP has nearly 100 accounting standards as
compared to 35 in India
•

7. COMPARISION IAS VS US GAAP
US GAAP Indian Accounting Standard
FAS 129
Disclosure of Information about
Capital Structure
IAS 1
Presentation of Financial
FAS 130
Reporting Comprehensive Income
IAS 1
Presentation of Financial Statements
APB 22
Disclosure of Accounting Policies
IAS 1
Presentation of Financial Statements
FAS 117
Financial Statements of Not-for-
Profit Organisations
IAS 1
Presentation of Financial
Statements
FAS 6
Classification of Short-Term
Obligation Expected to Be
Refinanced
IAS 1
Presentation of Financial Statements

8. COMPARISION IAS VS US GAAP
US GAAP Indian Accounting Standard
FAS 87
Employer’s Accounting for Pensions
IAS 19
Employee Benefits
FAS 112
Employers’Accounting for
Postemployment Benefits
IAS 19
Employee Benefits
FAS 132
Employers’ Disclosures about
Pensions and Other Postretirement
Benefits
IAS 19
Employee Benefits
FAS 106
Employers’Accounting for
Postretirement Benefits Other Than
Pensions
IAS 19
Employee Benefits

9. COMPARISION IAS VS US GAAP
US GAAP Indian Accounting Standard
FAS 13
Accounting for Leases
IAS 17
Leases
FAS 23
Inception of the Lease
IAS 17
Leases
FAS 28
Accounting for Sales with
Leasebacks
IAS 17
Leases
FAS 29 Determining
Contingent Rentals
IAS 17
Leases

10. COMPARISION IAS VS US GAAP
US GAAP Indian Accounting Standard
FAS 16
Prior Period Adjustments
IAS 8
Net Profit or Loss for the Period
Fundamental Errors and Changes in
Accounting Policies
APB 20
Accounting Changes
IAS 8
Net Profit or Loss for the Period,
Fundamental Errors and Changes in
Accounting Policies
APB 16
Business Combinations
IAS 22
Business Combination
FAS 38
Accounting for Pre acquisition
Contingencies of Purchased
Enterprises
IAS 22
Business Combination

11. COMPARISION IAS VS US GAAP
US GAAP Indian Accounting Standard
FAS 95
Statement of Cash Flows
IAS 7
Cash Flows Statements
FAS 104
Statement of Cash Flows – Net Reporting of
Certain Cash Receipts and Cash Payments
and Classification of Cash Flows from
Hedging Transactions
IAS 7
Cash Flow Statements
FAS 105
Disclosure of Information about Financial
Instruments with Off-Balance-Sheet Risk
and Concentrations of Credit Risk
IAS 32
Financial Instruments:
Disclosure and Presentation
FAS 119
Disclosure about Derivative Financial
Instruments and Fair Value of Financial
Instruments
IAS 32
Financial Instruments:
Disclosure and Presentation

12. COMPARISION IAS VS US GAAP
US GAAP Indian Accounting Standard
FAS 2
Accounting for Research and
Development Costs
IAS 38
Intangible Assets
APB 17 Intangible Assets IAS 38
Intangible Assets
FAS 3
Reporting Accounting Changes in
Interim Financial Statements
IAS 34
Interim Financial Reporting
FAS 34
Capitalization of Interest Cost
IAS 23
Borrowing Costs
FAS 35
Accounting and Reporting by
Defined Benefit Pension Plans
IAS 26
Accounting and Reporting by
Retirement Benefit Plans

13. COMPARISION IAS VS US GAAP
US GAAP Indian Accounting Standard
FAS 115
Accounting for Certain Investments
in Debt and Equity Securities
IAS 25
Accounting for Investments
FAS 89
Financial Reporting and Changing
Prices
IAS 15 & IAS 29
Information Reflecting the Effects of
Changing Prices and IAS 29,
Financial Reporting in
Hyperinflationary Economics
FAS 94
Consolidation of All
Majority-Owned Subsidiaries
IAS 27
Consolidated Financial Statement
Accounting for Investments
Subsidiaries

14. COMPARISION IAS VS US GAAP
US GAAP Indian Accounting Standard
FAS 121
Accounting for the Impairment of
Long- Lived Assets and for Long-
Lived Assets to Be Disposed Of
IAS 36
Impairment of Assets
FAS 125
Accounting for transfers and
Servicing of Financial Assets and
Extinguishments of Liabilities
IAS 39
Financial Instruments: Recognition
And Measurement
FAS 5
Accounting for
Contingencies
FAS 6 Classification of Short-
Term Obligation
Expected to Be
Refinanced
FAS 128
Earnings per Share
IAS 33
Earnings Per Share

15. COMPARISION IAS VS US GAAP
US GAAP Indian Accounting Standard
APB 18
The Equity Method of Accounting
for Investments in Common Stock
IAS 28 & IAS 31
Accounting for Investments in
Associates and IAS 31, Financial
Reporting of interest in Joint Ventures
FAS 131
Disclosures about Segments of an
Enterprise and Related Information
IAS 14
Segment Reporting
FAS 52
Foreign Currency Translation
IAS 21
The Effects of Changes in Foreign
Exchange Rates
FAS 57
Related Party Disclosures
IAS 24
Related Party Disclosures

16. COMPARISION IAS VS US GAAP
US GAAP Indian Accounting Standard
ARB 43
Depreciation
IAS 4
Depreciation
Accounting
ARB 43
Property, Plant and Equipment
IAS 16
Property, Plant and Equipment and
IAS 20,
Accounting for Government Grants
and Disclosure of Government
Assistance
ARB 43
Inventories
IAS 2
Valuation of Inventories
ARB 45
Long term Construction – Type
contracts
IAS 11
Construction Contracts

17. COMPARISION IAS VS US GAAP
• No Corresponding Indian Accounting Standard Exists
for US GAAP –
FAS 4, 7, 9, 10, 11, 15, 19, 22, 27, 37, 42, 43, 44, 49, 50,
51, 53, 58, 60, 61, 62, 63, 64, 65, 66, 67, 68, 69, 71, 72,
73, 78, 79, 80, 84, 86, 88, 90, 91, 92, 93, 97, 98, 99, 101,
102, 110, 111, 113, 114, 116, 120, 123, 124 ,126, 127,
134, 135 & 137.

18. TIME TO RELEASE
THE STRESS