presentation in accounting & financial analysis (013)

8/2/2019 Presentation in Accounting & Financial Analysis (013)

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ACCOUNTINGACCOUNTING

&&FINANCIAL ANALYSISFINANCIAL ANALYSIS

(MBA 013)

(MBA 013)

What Accounting is & Does?What Accounting is & Does?


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MEANING AND DEFINITIONMEANING AND DEFINITION

Accounting may be define as Accounting may be define as The language ofThe language ofbusinessbusiness that can provide a partial history ofthat can provide a partial history ofactivities of a particular enterprise in terms ofactivities of a particular enterprise in terms ofmonetary units.monetary units.

Accounting involves the collection, recording,Accounting involves the collection, recording,classification and presentation of financial dataclassification and presentation of financial datafor the benefit of management and outsidefor the benefit of management and outside

agencies such as shareholders, creditorsagencies such as shareholders, creditors,,bankers and government.bankers and government.


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ACCORDING TOACCORDING TO American Institute ofAmerican Institute of

certified public accountants-certified public accountants-

Accounting is the art ofAccounting is the art of recordingrecording,, classifyingclassifying

andand summarizingsummarizingin a significant manner andin a significant manner andin terms of money, transactions and events inin terms of money, transactions and events inpart at least of a financial character andpart at least of a financial character and

interpreting the results.interpreting the results.So we can find out the following points inSo we can find out the following points in

AccountingAccounting


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(1)Art of recording and classifying business(1)Art of recording and classifying businesstransactions and events in a systematictransactions and events in a systematicmanner.manner.

(2)Transactions to be recorded in Monetary(2)Transactions to be recorded in Monetaryterms.terms.

(3)Summarizing, Analyzing and Interpreting(3)Summarizing, Analyzing and Interpretingthe result of accounting information.the result of accounting information.

(4)Communicatin and ex lainin the(4)Communicating and explaining the


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Functions of AccountingFunctions of Accounting

(1)It sets up procedure for(1)It sets up procedure for systematicsy

stematicrecordingrecording

of the daily transactions ofof the daily transactions ofbusiness.business.

(2)It takes the record information and(2)It takes the record information andclassifies it so that data may be moreclassifies it so that data may be moreeasily understood by the interestedeasily

understood by the interested

persons.

persons.

(3)It gathers the recorded and(3)It gathers the recorded and classifiedclassifiedinformation and summaries it.information and summaries it.


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TYPES OF ACCOUNTING WORKSTYPES OF ACCOUNTING WORKS

((1) CONSTRUCTING- This operation involves1) CONSTRUCTING- This operation involvesthethe formulating of fundamental principlesformulating

of fundamental principles andandprocedure, designing and revising theprocedure, designing and revising the

different systems of accounting.different systems of accounting.

(2)RECORDING-It involves the recording of(2)RECORDING-It involves the recording of

various business transactions and events onvarious business transactions and events onoriginal documents according to the principlesoriginal documents according to the principlesand policies established.and policies established.


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(3)CLASSIFYING-It refers to the(3)CLASSIFYING-It refers to the

process of sorting of grouping like thingsprocess of sorting of grouping like thingstogether from a number of businesstogether from a number of businesstransactions recorded during a particulartransactions recorded during a particularaccounting period.accounting period.

(4)SUMMARISING-It attempts to bring(4)SUMMARISING-It attempts to bring

together the various items of accountingtogether the various items of accountinginformation to determine a result.information to determine a result.


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(5)REPORTING- It implies the preparation(5)REPORTING- It implies the preparationof analytical reports and statements forof analytical reports and statements fordecision-makers and some others havingdecision-makers and some others havingthe right to have such information.the right to have such information.

(6)INTERPRETING-For this purpose the(6)INTERPRETING-For this purpose thefirms make use of number of managerialfirms make use of number of managerial

techniques e.g. comparative statements,techniques e.g. comparative statements,common size statements, ratio analysis,common size statements, ratio analysis,trend analysis, fund flow analysis etc.trend analysis, fund flow analysis etc.


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(7)AUDITING-It is concern with the(7)AUDITING-It is concern with theverification of the accuracyverification of the accuracy andandcorrectness of the book-keeping recordscorrectness of the book-keeping recordsand statements and reports drawn fromand statements and reports drawn from

those accounting records.those accounting records.


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SYSTEM OF ACCOUNTINGSYSTEM OF ACCOUNTING

((1)Cash system-1)Cash system-It gives importance to onlyIt gives importance to onlycash transactions i.e.cash transactions i.e. cash receipts andcash receipts andpaymentspayments and credit transactions are notand credit transactions are notrecorded until cash is actually received orrecorded until cash is actually received or

paid.paid.this is useful basically for professional men likethis is useful basically for professional men likedoctors, lawyers, management consultant etc.doctors, lawyers, management consultant etc.

((2)Single entry system-2)Single entry system-It isIt is incompleteincompletesystemsystem of accounting which recognizes cashof accounting which recognizes cashand personal aspects of transactions andand personal aspects of transactions and

ignores impersonal aspects of transactions.ignores impersonal aspects of transactions.


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((3)Double entry system-3)Double entry system-This is theThis is the

most scientific system because it ismost scientific system because it isbased on the principle ofbased on the principle of Duel aspectsDuel aspects ofofaccounting.accounting.

every business transactions has twoevery business transactions has twoaspects, when we give something, weaspects, when we give something, wereceive something in return.receive something in return.

so both the aspects includes in thisso both the aspects includes in thissystem.system.


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End Users of Accounting InformationEnd Users of Accounting Information

(1)(1)Proprietors-Proprietors- The proprietors who have investedThe proprietors who have investedtheir money in business have the right to get thetheir money in business have the right to get theinformation relating with the business.information relating with the business.

(2)(2)ManagersManagers- Managers have right to get the- Managers have right to get theinformation relating with the accounting.information relating with the accounting.managers have different forms as with themanagers have different forms as with thebusiness forms like--business forms like--

((3)Sole proprietary business3)Sole proprietary business- proprietary is the- proprietary is themanager.manager.


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(4)Creditors-(4)Creditors- These are the persons whoThese are the persons who

have extended credit to the company. Theyhave extended credit to the company. Theyascertaining the company that they are inascertaining the company that they are inthe position to meet the commitmentthe position to meet the commitmenttowards them both regarding payment oftowards them both regarding payment ofinterest and principle.interest and principle.

(5)Investors-(5)Investors- A person who is investing in aA person who is investing in abusiness will like to know about itsbusiness will like to know about itsprofitability and financial position.profitability and financial position.


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(6)(6) GovernmentGovernment- Government interested in- Government interested infinancial statements of business onfinancial statements of business onaccount of taxation,labour and corporateaccount of taxation,labour and corporatelaws. it also examine the accountinglaws. it also examine the accountingrecords of a business.records of a business.

(7)(7) EmployeesEmployees- They are interested on- They are interested onaccount of various profit sharing andaccount of various profit sharing and

bonus schemes.bonus schemes.


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Accounting

BRANCHES OF ACCOUNTINGBRANCHES OF ACCOUNTING

Financial Accounting

Management Accounting

Cost Accounting


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(1)FINANCIAL ACCOUNTING(1)FINANCIAL ACCOUNTING

It may be define as theIt may be define as the Science and artScience and artofof

recording business transactions. It is the originalrecording business transactions. It is the originalform of accounting.form of accounting.

It is mainly concerned with theIt is mainly concerned with the Preparation ofPreparation of

financial statementsfinancial statements for the use of outsiders likefor the use of outsiders likeshareholders,debenture holders, creditors, banksshareholders,debenture holders, creditors, banksand financial institutions.and financial institutions.

the financial statements e.g.the financial statements e.g. Profit and Loss A/cProfit and Loss A/c

and Balance sheetand Balance sheet show them the manner in whichshow them the manner in whichoperation of the business haveoperation of the business havebeen conductedbeen conductedduring a specific period.during a specific period.


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((2)MANAGEMENT ACCOUNTING2)MANAGEMENT ACCOUNTING

This Accounting is basically for theThis Accounting is basically for theManagement i.e.Management i.e. accounting which provideaccounting which providenecessary information to the managementnecessary information to the managementfor discharging its functions.for discharging its functions.

Management accounting covers various areasManagement accounting covers various areas

such as Cost accounting, budgetary control,such as Cost accounting, budgetary control,inventory control, etc.inventory control, etc.


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(3) COST ACCOUNTING(3) COST ACCOUNTING

Cost accountancy is an extension of generalCost accountancy is an extension of generalaccounting system which gathering,accounting system which gathering,classifying and analyzing cost data which isclassifying and analyzing cost data which isneeded by the management to control theneeded by the management to control thecost and and reducing expenses.cost and and reducing expenses.

ThusThus

Cost Accounting is the branch of accountingCost Accounting is the branch of accountingdesigned to determine the costs of certaindesigned to determine the costs of certainactivities and to report cost information toactivities and to report cost information tomanagement.management.


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ACCOUNTINGACCOUNTINGPRINCIPLESPRINCIPLES


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ACCOUNTING PRINCIPLESACCOUNTING PRINCIPLES

It can be classified into two category-It can be classified into two category-

Accounting ConceptsAccounting Concepts

Accounting ConventionsAccounting Conventions


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(a) Accounting Concepts(a) Accounting Concepts(1)(1) Business entity conceptBusiness entity concept- This concept consider- This concept consider

that a Business is separate and distinct fromthat a Business is separate and distinct fromthose individuals who are managing it and thethose individuals who are managing it and thebusiness is capable to generate sales, expensesbusiness is capable to generate sales, expensesand income by itself.and income by itself.

((2)2)Money measurement concept-Money measurement concept- Money is theMoney is themedium of exchange and the standard ofmedium of exchange and the standard ofeconomic value, as we measuring units like Acre,economic value, as we measuring units like Acre,kilometer, hours etc. same we have for thekilometer, hours etc. same we have for theaccounting i.e. money. All transactions areaccounting i.e. money. All transactions are

recorded in terms of money.recorded in terms of money.


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(3)(3) Going concern concept-Going concern concept- This concept believesThis concept believesthat the business will remain exist indefinitely.that the business will remain exist indefinitely.

it is not set up for few days monthly or yearly butit is not set up for few days monthly or yearly butfor a indefinite time.for a indefinite time.

(4)(4) Cost concept-Cost concept- This concept states that allThis concept states that allgoods and services purchased should begoods and services purchased should berecorded at historical cost and should appear onrecorded at historical cost and should appear onthe financial statement at such cost.the financial statement at such cost.

Example- Purchasing price 1,00,000 & Market valueExample- Purchasing price 1,00,000 & Market value12,00,000 will recorded at Rs. 1,00,000 in the12,00,000 will recorded at Rs. 1,00,000 in the

books.books.


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(5)(5) Periodicity concept-Periodicity concept- This concept makes itThis concept makes itobligatory to divide the life of a businessobligatory to divide the life of a business

concern into specific time periods like 1 year, 6concern into specific time periods like 1 year, 6months etc.months etc.

The users of financial information like owners,The users of financial information like owners,creditors and managers require the periodiccreditors and managers require the periodicreport of the firm's financial condition.report of the firm's financial condition.

(6)(6) Dual aspect concept-Dual aspect concept- This is the basis ofThis is the basis of

accounting. According to this the debit aspect ofaccounting. According to this the debit aspect ofa transaction has a corresponding credit aspecta transaction has a corresponding credit aspectand the same must be reflected in theand the same must be reflected in theaccounting records in ordered to maintain theaccounting records in ordered to maintain theequilibrium.equilibrium.


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(7)(7) Matching concept-Matching concept- This concept believesThis concept believesthat most expenses are incurred with thethat most expenses are incurred with the

objective to generate future benefits toobjective to generate future benefits tothe firm. it attempts to find out thethe firm. it attempts to find out thesatisfactory basis of association betweensatisfactory basis of association betweenexpenses and revenue.expenses and revenue.

REVENUEREVENUE- is a business transaction that- is a business transaction thatincrease the financial resources of businessincrease the financial resources of business

e.g. sale of goods to customers.e.g. sale of goods to customers. EXPENSEEXPENSE- is a business transaction that- is a business transaction that

decreases the financial position e.g.decreases the financial position e.g.

decrease in inventory as a results of sales.decrease in inventory as a results of sales.


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(8)(8) RealizationRealization- This concept governs the- This concept governs the

recognition of revenue.recognition of revenue.

The revenue is recognized in the period inThe revenue is recognized in the period in

which it is earned, rather than to thewhich it is earned, rather than to theperiod it is collected in cash.period it is collected in cash.


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Accounting ConventionsAccounting Conventions

(1)(1) Full DisclosureFull Disclosure-it means that all the-it means that all thefinancial events which occur during afinancial events which occur during aparticular financial period should fairly andparticular financial period should fairly andcompletely be reported in the financialcompletely be reported in the financial

statements.statements.

(2)(2) Consistency-Consistency- It means that sameIt means that sameaccounting principles should be used foraccounting principles should be used forpreparing financial statements forpreparing financial statements fordifferent periods. it allows a comparison indifferent periods. it allows a comparison in

the performance of different periods.the performance of different periods.


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(3)(3)ConservatismConservatism- It means a policy of play safe'. it- It means a policy of play safe'. itensure that uncertainties and risks inherent inensure that uncertainties and risks inherent in

business so if there is any possibility of loss, itbusiness so if there is any possibility of loss, itshould be taken into account at the earliest.should be taken into account at the earliest.

on the other hand, a prospect of profit should noton the other hand, a prospect of profit should nottake into account till it does not materialize.take into account till it does not materialize.

(4)(4)MaterialityMateriality- In it only those events should be- In it only those events should berecorded which have a significant and material inrecorded which have a significant and material in

the financial reports.the financial reports.it should be noted that the efforts involved init should be noted that the efforts involved in

recording the events should be worth the laborrecording the events should be worth the laborinvolved in it.involved in it.


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ObjectivesObjectives

OfOfAccountingAccounting


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(1) To keep a(1) To keep a SystematicSystematicrecordrecord

It is done to keep a systematic record ofIt is done to keep a systematic record offinancial transactions.financial transactions.

In the absence of accounting there wouldIn the absence of accounting there wouldhave been terrific burden on humanehave been terrific burden on humane

memory which is impossible in most cases.memory which is impossible in most cases.


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((2) To2) To ProtectProtectbusiness propertiesbusiness properties--

It protect the business properties in theIt protect the business properties in theform ofform of

(a)(a) Fixed assets,Fixed assets,

(b)(b) Cash in hand,Cash in hand,

(c)(c) Cash at bank etc.Cash at bank etc.


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((3) To find out the3) To find out the Financial PositionFinancial Position

of the business-of the business-

The P/L a/c shoes the Profit and LossThe P/L a/c shoes the Profit and Loss

made by the business during a particularmade by the business during a particularperiod. the business must know aboutperiod. the business must know aboutthere financial position i.e. where theythere financial position i.e. where they

stand? This is shown by the Balancestand? This is shown by the Balancesheet of the company.sheet of the company.


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ACCOUNTING EQUATIONACCOUNTING EQUATION

ASSETS = CAPITAL + LIABILITIESASSETS = CAPITAL + LIABILITIES


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The Accounting EquationThe Accounting Equation

The accounting system is based on the ideaThe accounting system is based on the ideaof accounting equation that claims that theof accounting equation that claims that theassetsassetsof a business are equal to itsof a business are equal to its

equitiesequities..

Therefore it is essential to study theTherefore it is essential to study the

components of the accounting equation tocomponents of the accounting equation tounderstand the structure of accountingunderstand the structure of accountingsystem.system.


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To run a business every organization- large andTo run a business every organization- large andsmall- needs economic resources likesmall- needs economic resources like cash, landcash, land

andand building, furniturebuilding, furniture andand fixtures, plantsfixtures, plantsandand machinery etc.machinery etc.

At the same time these economic resources knownAt the same time these economic resources known

as Assets in accounting terminology.as Assets in accounting terminology.Therefore the resources have a claim against theTherefore the resources have a claim against the

assets which in accounting terminology is knownassets which in accounting terminology is knownas Equities.as Equities.

Since every asset ere required by the business hasSince every asset ere required by the business hasits own derived sources. So it can be easilyits own derived sources. So it can be easilyclaimed that-claimed that-

Assets = EquitiesAssets = Equities


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There are two major deriving sources forThere are two major deriving sources foracquiring the assets for a business -acquiring the assets for a business -

1.1. Investment of Owners - known as EquityInvestment of Owners - known as Equity

of Owners,of Owners,2.2. Borrowings - known as Equity of Creditors,Borrowings - known as Equity of Creditors,

AssetsAssets == Owners EquityOwners Equity ++ Creditors EquityCreditors Equity

Capital LiabilitiesCapital Liabilities


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Generally AcceptedGenerally AcceptedAccountingAccounting

PrinciplesPrinciples

O iOverview


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OverviewOverview

(GAAP) is the term used to refer to the(GAAP) is the term used to refer to the

Standard frameworkStandard frameworkof guidelinesof guidelinesforforFinancial AccountingFinancial Accounting used in any givenused in any given

jurisdiction.jurisdiction.

GAAP includes theGAAP includes the Standards,ConventionsStandards,Conventions,,andand RulesRuleswhich accountants follow inwhich accountants follow in

recording and summarizing transactions,recording and summarizing transactions,and in the preparation ofand in the preparation ofFinancial statementsFinancial statements..

F l f h h
http://en.wikipedia.org/wiki/Financial_accountinghttp://en.wikipedia.org/wiki/Financial_accountinghttp://en.wikipedia.org/wiki/Financial_statementshttp://en.wikipedia.org/wiki/Financial_statementshttp://en.wikipedia.org/wiki/Financial_statementshttp://en.wikipedia.org/wiki/Financial_accounting


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Financial accounting is an information whichFinancial accounting is an information which

must be assembled and reportedmust be assembled and reported

objectively.objectively.

For this reason, financial accounting reliesFor this reason, financial accounting relies

on certain standards or guides that areon certain standards or guides that arecalled "called "Generally Accepted AccountingGenerallyAccepted Accounting

PrinciplesPrinciples" (GAAP)." (GAAP).

The various GAAP principles are given as-The various GAAP principles are given as-


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1.1.Principle of RegularityPrinciple of Regularity-- Regularity can beRegularity can bedefined as conformity to enforced rules anddefined as conformity to enforced rules and

laws.laws.

2.2.Principle of ConsistencyPrinciple of Consistency-- The consistencyThe consistency

principle requires accountants to apply the sameprinciple requires accountants to apply the samemethods and procedures from period to period.methods and procedures from period to period.

3.3.Principle of SincerityPrinciple of Sincerity-- According to thisAccording to thisprinciple, the accounting unit should reflect inprinciple, the accounting unit should reflect ingood faith and the reality of the company'sgood faith and the reality of the company'sfinancial status.financial status.


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4.4.Principle of the Permanence of MethodsPrinciple of the Permanence of Methods--

This principle aims at allowing the comparisonThis principle aims at allowing the comparisonof the financial information published by theof the financial information published by thecompany.company.

5.5.Principle of Non-CompensationPrinciple of Non-Compensation- One should- One shouldshow the full details of the financialshow the full details of the financial

information and not seek to compensate ainformation and not seek to compensate adebt with an asset, a revenue with andebt with an asset, a revenue with anexpense, etc.expense, etc.


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6.6.Principle of prudencePrinciple of prudence-- This principle aimsThis principle aimsat showing the reality "as is.at showing the reality "as is.

A revenue should be recorded only when it isA revenue should be recorded only when it iscertaincertainand a provision should be enteredand a provision should be enteredfor an expense which isfor an expense which is probableprobable..

7.7.Principle of continuityPrinciple of continuity-- When statingWhen statingfinancial information, one should assumefinancial information, one should assume

that the business will not be interrupted.that the business will not be interrupted.It should go on for a long period of time.It should go on for a long period of time.


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8.8.Principle of periodicityPrinciple of periodicity- Each accounting- Each accountingentry should be allocated to a given periodentry should be allocated to a given period

of time.of time.If a client pre-pays a subscription (or lease,If a client pre-pays a subscription (or lease,

etc.), the given revenue should be split toetc.), the given revenue should be split to

the entire time-span and not counted forthe entire time-span and not counted forentirely on the date of the transaction.entirely on the date of the transaction.

9.9.Principle of Full Disclosure/MaterialityPrinciple of Full Disclosure/Materiality--All information and values pertaining to theAll information and values pertaining to thefinancial position of a business must befinancial position of a business must bedisclosed in the records.disclosed in the records.


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TheThe

Indian AccountingIndian Accounting

StandardsStandards


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1.1. In Indian financial system statements areIn Indian financial system statements areprepared in accordance with the presentationprepared in accordance with the presentationrequirement of schedule VI to the Companiesrequirement of schedule VI to the Companies

Act 1956.Act 1956.

2.2. Consolidation of accounts of holding andConsolidation of accounts of holding and

subsidiary company is not required in India.subsidiary company is not required in India.

3.3. Tax payable method is used for providing forTax payable method is used for providing fortaxation.taxation.

4.4. Disclosure of earning per share is not requiredDisclosure of earning per share is not requiredin India.in India.


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6. Investment in Own Shares is prohibited.6. Investment in Own Shares is prohibited.

7. Assets and Liabilities have to be classified into7. Assets and Liabilities have to be classified intocurrent and fixed or long term.current and fixed or long term.

8. Capitalization of a Lease is not required.8. Capitalization of a Lease is not required.

9. Exchange fluctuations on liabilities incurred for9. Exchange fluctuations on liabilities incurred for

fixed assets can be capitalized.fixed assets can be capitalized.

10. Fair value disclosure.10. Fair value disclosure.


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Generally acceptedGenerally accepted

accounting standardsaccounting standards(GAAP)(GAAP)


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1.1. No specific format is required toNo specific format is required to

prepared of a financial statements, asprepared of a financial statements, aslong as they comply with the disclosurelong as they comply with the disclosurerequirement of US accountingrequirement of US accounting

standards.standards.

2.2. Consolidation of group companyConsolidation of group companyaccounts is compulsory.accounts is compulsory.

3.3. Disclosure of earning per share isDisclosure of earning per share iscompulsory.compulsory.4.4. Revaluation of assets is not permitted.Revaluation of assets is not permitted.

5.5. Investment in own shares is permitted.Investment in own shares is permitted.


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6. R & D costs are expenses as incurred.6. R & D costs are expenses as incurred.

7. Goodwill is treated as any other7. Goodwill is treated as any other

intangible asset, and is capitalized.intangible asset, and is capitalized.8. Current and long-term assets and8. Current and long-term assets and

liabilities should be disclosed separately.liabilities should be disclosed separately.

9. Financial lease is to be capitalized.9. Financial lease is to be capitalized.

10. Exchange gain and loss is taken to the10. Exchange gain and loss is taken to theincome statement.income statement.


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Matching/DifferenceMatching/Difference

betweenbetweenIndian Accounting StandardsIndian AccountingStandards

&&International AccountingInternational AccountingPrinciplesPrinciples

(US GAAP)(US GAAP)


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OverviewOverview

The US GAAP is established by the financialThe US GAAP is established by the financialaccounting standard board (FASB) and theaccounting standard board (FASB) and theAmerican institute of certified publicAmerican institute of certified public

accountants (AICPA).accountants (AICPA).

GAAP provides the principles for financialGAAP provides the principles for financialaccounting, management accounting and foraccounting, management accounting and fortax accounting purpose.tax accounting purpose.


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1.1. Reporting versus disclosureReporting versus disclosure

2.2. Form versus substanceForm versus substance

3.3. Accounting versus analysisAccounting versus analysis

4.4. Globalization versus localizationGlobalization versus localization


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11. Reporting versus disclosure. Reporting versus disclosure

The accent of the Indian accountingThe accent of the Indian accounting

standard is on reporting whereas thestandard is on reporting whereas the

accent of the US GAAP is on discloser andaccent of the US GAAP is on discloser andtransparency.transparency.

2 F S b t2 F S b t


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2. Form vs. Substance2. Form vs. Substance

The Indian accounting standards emphasizesThe Indian accounting standards emphasizeson form whereas the US GAAP is on theon form whereas the US GAAP is on thesubstances of the transaction.substances of the transaction.

ExampleExample- the accounting for lease in India- the accounting for lease in India

the depreciation forfeit is available to thethe depreciation forfeit is available to thelessor because in a form lease deal is not alessor because in a form lease deal is not asale.sale.

In US GAAP a lease deal confers theIn US GAAP a lease deal confers thedepreciation benefit on the lessee sincedepreciation benefit on the lessee sincethe benefits of the productive sue of thethe benefits of the productive sue of theasset rest with the lessee.asset rest with the lessee.


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3. Accounting versus analysis3. Accounting versus analysis

The Indian accounting standards focusesThe Indian accounting standards focuseson abiding by accounting principles whereon abiding by accounting principles where

USGAAP emphasis on presenting a trueUSGAAP emphasis on presenting a trueand fair picture of the financial positionand fair picture of the financial positionof the company to the analysis.of the company to the analysis.


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44..Globalization versus localizationGlobalization versus localization

The accent of Indian accounting standardsThe accent of Indian accounting standards

is on localization of business while US GAAPis on localization of business while US GAAP

emphasis on globalization of business.emphasis on globalization of business.

presentation in accounting & financial analysis (013)

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