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Accounting Standards
The flexibilities offered by a choice of accounting treatments distinctly diminish, and even distort the comparability of relevant information in the financial statements. Pressures on the accounting profession to establish uniform accounting standards, led to evolution of 'Accounting Standards' (AS) as used in India and as 'Generally Accepted Accounting Principles' (GAAP) in the United States of America.
The International Accounting Standards Committee was formed to develop worldwide accounting standards, called International Accounting Standards (IAS), to alleviate the problems faced by multinational companies having to comply with multiple Accounting Standards.
An Indian company incorporated under the laws of a jurisdiction outside of the United States is called as 'foreign private issuer' in the US. Indian issuers must file an annual report on Form 20-F with the SEC within six months after the end of its fiscal year. Form 20-F contains detailed financial and non-financial disclosure requirements.
Though there is basic similarity in accounting principles throughout the world, Indian Accounting Standards, and International Accounting Standards differ in some respects from USGAAP.
Q. What is Articulate? The fundamental accounting concept of the double-entry method of recording transactions. Under the double-entry approach each transaction has a two-sided
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transactions can be even directly entered to the ledger elaborate and explain why journal is necessary
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Enumerate the term- Cash discounts Offered to encourage prompt and early payment by buyer. Cash discounts are recorded in accounting records of both the buyer and the seller. S
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Stewart Company sold 180 units @ $320 each on October 31, 2012. Cash selling and administrative expenses were $15,000. The following information is also available: The
Function and scope of the Accounting Standards Board: The major function of ASB is to originate accounting standards so that the Council of the Institute in India may set up su
Creditors: this may be short or long-term lenders. Short-term creditors comprise suppliers of materials, services or goods. They are generally termed as trade creditors. Long-term
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