Kishore Bhatia (CA) (34 Points)
26 May 2021
yasaswi gomes
(My grammar is 💯 good I)
(7290 Points)
Replied 26 May 2021
Previously, I have downloaded material from caclub about the differences put up online by other professionals.
There is an easy way out, compare differences between IndAS and IFRS for all standards which is readily available online. And that’s it!! New Zealand is IFRS.
I don’t like AS because it has lots of differences. Only AS inventories standard, IndAS and ias 2 measurement concepts are in coherence and exactly same. Other AS standards like impairment not included in cost method of subsequent measurement and other measurements make it hard.
If you google, you will get all the standards differences. Anyways, I don’t think New Zealand interview requires AS measurement principles. I am also waiting for American interview and learnt all IndAS concepts including new leases and contracts with customers because local gap is not required.
JAGANATHAN R
(Consultant )
(26 Points)
Replied 29 May 2021
yasaswi gomes
(My grammar is 💯 good I)
(7290 Points)
Replied 29 May 2021
I’m happy you asked this question as I myself had doubts like if DVM and Dividend capitalisation the same? The formula tallies. Coming to COGS, it’s heavy just like big firms have,
https://dart.deloitte.com/USDART/home/codification/presentation/asc205
List of standards: asc accounting standards list https://dart.deloitte.com/USDART/home/codification
then I can confirm they use PAT to reconcile with Cashflows unlike PBT as in IndAS or IFRS.
Hooe the above helps
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