Comparative Study of GAAP and IFRS Accounting Standards
Accounting standards are the backbone of financial reporting, ensuring accuracy, consistency, and transparency across organizations. This project — “Comparative Study of GAAP and IFRS Accounting Standards” — focuses on understanding the similarities, differences, and convergence between two major accounting frameworks: Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS).
The study examines how both standards guide the preparation and presentation of financial statements, highlighting key variations in concepts such as revenue recognition, inventory valuation, depreciation, and treatment of intangible assets. With globalization and cross-border trade expanding, the need for uniform financial reporting has become critical — and this comparison provides insights into the challenges and benefits of adopting IFRS over GAAP.
This research also evaluates how Indian companies are transitioning towards IFRS-based standards (Ind AS), and what implications this shift holds for financial professionals, investors, and global business operations.
Objectives
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To compare and contrast the accounting principles and frameworks under GAAP and IFRS.
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To analyse the impact of adopting IFRS on the financial reporting system in India and globally.
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To study key differences in accounting treatments of assets, liabilities, income, and expenses under both standards.
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To evaluate the challenges faced by organizations during the convergence process from GAAP to IFRS.
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To understand the role of harmonized accounting standards in improving global financial transparency and investor confidence.
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📘 Ideal for IGNOU Students pursuing M.Com, MBA, or B.Com courses, this project offers a complete, in-depth comparative framework, ready for submission. It is well-researched, analytical, and aligned with IGNOU’s academic guidelines.
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