Indian Accounting Standards

V/s
Australian Accounting Standard
Board
 AASB V/S IAS

AASB IAS

Business combination In the case of India's

is defined by the AASB AS there are two
as the bringing methods for business
together of separate combination, namely
entities or businesses pooling of interest
into one reporting method and purchase
entity. method.
 Presentation of financial statement

AASB IAS

AASB specifies the In India, accounting

presentation standards do not
requirements, prescribe a particular
structure guidelines, format of presentation
and content for balance sheet and
requirements for the income statement.
presentation of
financial reports.
 GOODWILL

AASB IAS

In Australia, goodwill As for India, goodwill

is not allowed to be could be amortized
amortized but must be annually on the basis of
subject to a yearly the useful life of the
(more frequent, if business.
necessary) review for
impairment.
 FIXED ASSETS FOR SALE

AASB IAS

In Australia, fixed In India, however,

assets held for sale are there is no separate
separately disclosed on presentation in the
the face of the balance balance sheet.
sheet or in the notes.
 MINERAL RESOURCES

AASB IAS

It requires companies In India, financial

involved in this area to reporting is prepared
assess such assets for and presented in the
impairment and same way, as other
measure any types of businesses, by
impairment in companies engaged in
accordance with AASB the exploration for and
Impairment of Assets. evaluation of mineral
resources.
 Research and development

IAS AASB

India's AS specifies As for AASB this

that the total expenses Australian accounting
incurred for research standard requires all
and development research expenses to be
should be shown in the treated fully as expenses
profit and loss account and once there is an
for the year. inflow of revenue the
development costs can
then be capitalized.
 Agriculture income

AASB IAS

AASB prescribes the There is no specific

accounting treatment, accounting standard
financial statement for such activities in
presentation, and India. income from
disclosures for agriculture is tax-free.
companies engaged in
agricultural activities.