GAAP

indian as and us as

Generally Accepted Accounting Principles (GAAP) is the americanized term used to refer to the standard framework of guidelines for financial accounting used in any given jurisdiction which are generally known as Accounting Standards. GAAP includes the standards, conventions, and rules accountants follow in recording and summarizing transactions, and in the preparation of financial statements.

there are differences in INDIAN GAAP and US GAAP.

to know about these differences please refer any book or share file on caclubindia.