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Does the accounting procedures of Indian companies/firm different from

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Atharv Sankliya

1359 Points Posted on 03 November 2021

does the accounting procedures of Indian companies/firm different from American/ foreign companies/firm??

Replies (3)

Quick Summary

Accounting procedures can vary significantly between countries due to differing cultures, languages, and economic traditions. Indian companies and firms often have distinct accounting practices compared to those in America or other foreign nations. These differences arise from the unique systems of rules and principles that govern financial statement preparation in each region.

Rama chary Rachakonda

Master in Accounts & high court Advocate

9620 Points Posted on 03 November 2021

Differences are there. because

provide a system of rules and principles that prescribe the format and content of financial statements. ... As countries developed different cultures, languages, and social and economic traditions, they developed different accounting practices as well.