Similarities and Differences: A Comparison of IFRS, US GAAP and Indian GAAP (May 2009)

The change in accounting language for Indian corporate is round the corner -- less than a year to be precise (effective 1 April, 2010), assuming IFRS is introduced as issued by the IASB with minor modifications. Today, no boardroom discussion is complete without a reminder to be on the look out for any structural impacts of the convergence and the concerns they may bring about.

The change to IFRS is not an optional or voluntary exercise. IFRS is set to become the local accounting language. Implication of change in accounting will have a direct implication on the way businesses are run.

We have been working over the last few years to develop methodology and tools to enable an efficient and effective transition. As a part of the firm’s ongoing commitment to help companies navigate the switch from Indian GAAP to IFRS, PwC released an updated fifth edition of its publication “Similarities and Differences: A Comparison of IFRS, US GAAP and Indian GAAP.” The publications has been updated taking into account authoritative pronouncements issued under all three framework up to 31 March 2009.

This new edition has been completely redesigned to make it user-friendly and the key features of the new publication are:

1) It provides an insight regarding the impact of key differences between IFRS, US GAAP and Indian GAAP,
2) It provides the context of how the conversion to IFRS has ramifications far beyond the accounting department, and
3) It encourages early consideration of what IFRS means to your organisation.

This will serve as a quick reference guide for CFOs and practitioners and will also be useful to users of financial statements who are looking for a quick understanding of these three frameworks.
Your feedback, suggestions and questions are most welcome and we look forward to them. You can write to us at ifrs.india@in.pwc.com.

For hard copies, you can write to us or contact nearest PricewaterhouseCoopers office.

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