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Enumerate and briefly explain some of potential accounting problems resulting from inflation. Enumerate and briefly explain...

Enumerate and briefly explain some of potential accounting problems resulting from inflation.

Enumerate and briefly explain methods of dealing with inflation in financial reporting.

What are acceptable methods of dealing with inflation under US GAAP and IFRS?

Define “control” and “group” under US GAAP and IFRS.

Solutions

Expert Solution

IFRS are widely used around the world but have not replaced the seprate accounting standard in the united states (country in North America) where US GAAP is applied.

India had two options :-

1. to adopt IFRS as they

2. to converge with IFRS with ICAI

inda adopts the converge option adn create modified version as INDIAN - AS

ekkarill92 answered 1 year ago
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