Difference between INDAS and US GAAP?

Question

Accepted Answer

INDAS and US GAAP are accounting standards used in different countries.

INDAS stands for Indian Accounting Standards, while US GAAP stands for Generally Accepted Accounting Principles used in the United States.
INDAS is based on International Financial Reporting Standards (IFRS), while US GAAP is based on a mixture of IFRS and local accounting principles.
INDAS is used by companies in India, while US GAAP is used by companies in the United States.
There are several differences between INDAS and US GAAP in terms of recognition, measurement, and presentation of financial statements.
For example, INDAS allows the revaluation of property, plant, and equipment, while US GAAP generally follows the historical cost principle.
Another difference is that INDAS requires the capitalization of borrowing costs directly attributable to the acquisition, construction, or production of qualifying assets, while US GAAP provides an option to capitalize or expense such costs.
Additionally, INDAS requires the presentation of a statement of changes in equity, while US GAAP does not have a specific requirement for this statement.
Overall, the differences between INDAS and US GAAP reflect the variations in accounting practices and regulations in different countries.

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