Few Points on Comparison between India and US GAAP.

Ø  In India, GAAP standards are set by the Institute of Chartered Accountants of India(ICAI) In US, GAAP standards are set by the Financial Accounting Standards Board(FASB) & IFRS standards are set by the International Accounting Standards Committee(IASC)

Ø  Under IFRS & India GAAP, the comparison is for 2 years whereas in US GAAP the same is for 3 years.

Ø  Under India GAAP only indirect method applicable for cash flow, whereas both method allowed under IFRS & US GAAP.

US GAAP is rule based whereas IFRS is principal based