Make your own free website on Tripod.com

US GAAP- Quick Learning module

GAAP World

Home
Background
SFAS
SFAC
Hierarchy
US GAAP
GAAP World
GAAP Compared
Case Studies
SOX Act
IFRS

Enter subhead content here

P (

Reconciliation of US GAAP with Indian and International Accounting Standard US GAAP

Sl

AS

AS Title

IAS no

US GAAP

1.

AS 1

Disclosure of Accounting Policies

IAS 1

APB 22

2.

AS 2

Valuation of Inventories

IAS 2

ARB 43(4),

FAS 151

3.

AS 3

Cash Flow Statements

IAS 7

FAS 95

4.

AS 4

Contingencies and Events Occurring After the Balance Sheet Date

IAS 10

FAS 5

5.

AS 5

Net Profit or Loss for the Period, Prior Period Items and Changes in Accounting Policies

IAS 8

FAS 16

6.

AS 6

Depreciation Accounting

 

 

7.

AS 7

Accounting for Construction Contracts

IAS 11

ARB 45

8.

AS 8

Accounting for Research and Development

 

FAS 2

9.

AS 9

Revenue Recognition

IAS 18

SFAC (1,2,5,6) FAS 48, ARB 43(1A)

10.

AS 10

Accounting for Fixed Assets

IAS 16

FAS 143,116,34

11.

AS 11

Accounting for the Effects of Changes in Foreign Exchange Rates

IAS 21

FAS 52

12.

AS 12

Accounting for Government Grants

IAS 20

 

13.

AS 13

Accounting for Investments

IAS 28

FAS 115

14.

AS 14

Accounting for Amalgamations

IAS 22

FAS 141

15.

AS 15

Accounting for Retirement Benefits in the Financial Statements of Employers

IAS 26

FAS 106

16.

AS 16

Borrowing Costs

IAS 23

FAS 34

17.

AS 17

Segment Reporting

IAS 14

FAS 131

18.

AS 18

Related Party Disclosures

IAS 24

FAS 57

19.

AS 19

Leases

IAS 17

FAS 13

20.

AS 20

Earnings Per Share

IAS 33

FAS 128

21.

AS 21

Consolidated Financial Statements

IAS 27

FAS 94

22.

AS 22

Accounting for Taxes on Income

IAS 12

FAS 96

23.

AS 23

Accounting for Investments in Associates in Consolidated Financial Statements

 

 

24.

AS 24

Discontinuing Operations

IAS 35

 

25.

AS 25

Interim Financial Reporting

IAS 34

FAS 3

26.

AS 26

Intangible Assets, Goodwill

IAS 38

FAS 142

27.

AS 27

Financial Reporting of Interests in Joint Ventures

IAS 31

 

28.

AS 28

Impairment of Assets

IAS 36

FAS 121,144

29

AS 29

Contingent Liability

IAS 37

FAS 5

30

Pending

Effects of changing Prices

IAS 15

FAS 89

31

Pending

Employee Benefits

IAS 19

FAS 87

31

Pending

Financial Reporting in Hyperinflationary economy

IAS 29

 

33

N.A.

Disclosure in Financial statement of banks and similar Financial institutions

IAS 30

 

34

Pending

Financial Instruments- disclosure and presentation

IAS 32

FAS 105

35

Pending

Financial Instruments: Recognition and measurement

IAS 39

 

36

Pending

Investment property

IAS 40

 

37

Pending

Agriculture

IAS 41

 

 

Q3 FY 2

 

Enter supporting content here

@ Copyright -Sanjoy Banka, FCA,FCS ( Calcutta, India)