application gaap

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pradeep mahapatra (Querist)
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28 February 2008 Hi......
I want to know that a indian company having foreign operation in different country(say Africa,us,canada uk,and hungary).1) What accounting standard they would apply, means IAS or IFRS or US gaap,OR any country specific standard.
2)At the time of consolidation in india what is to be followed.3)To which company IAS and IFRS is mandatory in india.

CA. Kirti S. Ganatra

CA. Kirti S. Ganatra (Expert)
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29 February 2008 It is an Indian company, so, firstly IAS to be follow. on overall basis IFRS to be followed as IAS will be same to IFRS by 2011.

R.V.RAO

R.V.RAO (Expert)
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05 March 2008 I AGREE WITH CA KIRTIJI.
R.V.RAO

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