Applicability of IFRS, GAAP and IAS

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Shyamjith (Querist)
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14 July 2008 Is all Applicable( IFRS, GAAP and IAS )
from 2010-11, I heared only GAAP and IAS is applicable... Is that true..Please inform me which among these are comming compulsory....

CA. A. Kumar

CA. A. Kumar (Expert)
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14 July 2008 IFRS WILL COMPULSORY FROM 1/04/20011.GAAP - GENERALLY ACCEPTED ACCOUNTING PRINCIPLE, i.e. INDIAN GAAP OR US GAAP
IAS - INTERNATIONAL ACCOUNTING STANDARD
IFRS - IAS MERGE WITH IFRS i.e. INTERNATIONAL FINANCIAL REPORTING STANDARD.

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