The difference between GAAP and IND AS is that GAAP is used in the United States of America and Ind AS is used specifically in India. Also read:... View Article
Ind AS is issued by the Accounting Standards Board (ASB). Also read: Difference Between Cash Basis and Accrual Basis of Accounting Accrual... View Article
Ind AS is a modified version of the IFRS which is relevant in the context of Indian companies, while the IFRS is having global applicability, and... View Article
There are a total of 39 accounting standards that are applicable under IND AS. Also read: Difference Between Cash Basis and Accrual Basis of... View Article
Ind AS stands for Indian accounting standards. It is the accounting standard that needs to be adopted by all those Indian companies, banks, NBFCs... View Article
Businesses that have an inventory must use accrual accounting as their preferred method while businesses that have an annual revenue of more than... View Article
Accrual basis of accounting is used by most organisations except for small businesses and individuals that prefer the cash basis of accounting... View Article
One disadvantage of accrual accounting can be that it is very complicated and therefore requires considerable time and resources that is not... View Article
GAAP requires the accrual basis of accounting as it records sales at the time of their occurrence and therefore provides clear insight into the... View Article
The following steps are required to convert from cash to accrual basis: Add all accrued expenses Subtract all cash payments Add all prepaid... View Article
Cash basis of accounting states that revenues and expenses should be recognised at the time when the payment is received or made. In other... View Article
Accrual basis of accounting is a better indicator of the business performance as it shows when the income and expenses have taken place. It... View Article
Accrual basis of accounting is referred to as the accounting method where the revenue and expenses are recorded as and when the transaction takes... View Article
Deferred revenue is recognised as a liability under accrual accounting as the revenue is not recognised due to the service or product not being... View Article
In IFRS, revenue is recognised when goods and services are transferred to the customer, at the price of transaction. Also read: Difference... View Article
According to the revenue recognition principle, revenue should be recognised when it has been earned (revenue is said to be earned when a service... View Article
No, revenue cannot be recognised before delivery. For recognising the revenue, one of the criteria is revenue can be recognised only when the... View Article
