Accountants

IFRS vs Indian GAAP

IFRS vs Indian GAAP
IFRS stands for International Financial Reporting Standards. It was developed by an independent, not-for-profit organization called the International Accounting Standards Board (IASB). The Indian GAAP is...

IFRS vs U.S. GAAP

IFRS vs U.S. GAAP
The IFRS stands for the International Financial Reporting Standards. It was developed by an independent, not-for-profit organization called the International Accounting Standards Board (IASB). The U.S. GAAP or...

Fiscal Year vs Financial Year

Fiscal Year vs Financial Year
The terms Fiscal Year and Financial Year are synonymous, i.e. meaning the same thing. They are a period that governments use for accounting and budget purposes. However, they are also the duration on which tax...

Exemption vs Deduction vs Rebate

Exemption vs Deduction vs Rebate
Exemption refers to the ability of a person to not pay taxes on a certain amount incurred. When deductions occur, a portion of the taxable income reduces. The tax payer pays all the taxes and then files for...

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