1. Ms. Rashi is the accounts manager of a company called Yash Enterprises. Her job description requires her to prepare the financial statements of the business and present them to management. However, one of her team members wants to understand the major points of difference between IFRS, GAAP’s, and Ind AS.

Elaborate on how Rashi can explain the key differences to her team member. (20 Marks)

Answer rating: 100% (QA)

It is extremely important for the team member to understand the differences between IFRS GAAP and IAS in order to prepare the financial statements of the business and present them to management IFRS s... View the full answer