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Anuraag Sharma (Sr Executive Finance) (845 Points)

12 March 2008

What is the difference b/w Garner Vs Muraay Rule and Accounting acc. to the Indian Practice ? Plz reply in details.

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pRaSoOn (Articled assistant) (500 Points)
Replied 12 March 2008

Hi anurag.....first of all, there is nothing like accounting in case of insolvency. When the verdict on Garner Vs. Murray case was announced by esteemed court in England, whole world including India accepted it as it is.....that was because as a matter of fact, it has been proved that understanding of accounting concepts of British Judges was far better then even top accountants of that time so it was the best decision that could be....thats why the case and its rules has been adopted in India ditto.....as far as change is concerned, I think the only change was...hmmm currency...rs. in case of india...