I’m an indian student pursuing bachelor’s in commerce and currently studying Indian accounting standards. Can someone please explain the basic differences between Indian GAAP and Ind AS? I’m having a hard time understanding the transition requirements.
Indian GAAP is the former accounting standard used in India issued by ICAI whereas Ind AS are the new standards aligned to IFRS issued by MCA. Ind AS provides more relevant and reliable financial information compared to Indian GAAP.
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