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Essay / Research Paper Abstract
This 10-page paper discusses accounting issues that will be faced by an Australian firm wishing to enter India to do business. Bibliography lists 10 sources.
Page Count:
10 pages (~225 words per page)
File: AS43_MTaustindia.rtf
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ACCOUNTING SYSTEMS IN INDIA - AUSTRALIAN PERSPECTIVE Research Compiled by 7/2010 Please
Executive Summary IT manufacturer KWIT Ltd. of Australia is thinking of establishing a plant in India. However, there are issues
that this company will have to consider from an accounting and currency perspective because the Indian accounting system is not an easy one to figure out.
Though Indian Accounting Standards (IAS) and Indian Generally Accepted Accounting Principles (GAAP) are headed toward international convergence, there are still enough differences between the Indian and Australian
accounting standards to provoke concern. One aspect that raises some issues is that there is really no "uniform" system in India, given the wide degree of economic fluctuations between regions,
each region has somewhat adopted Indian GAAP to fit its own economy. Furthermore, there are differences in various treatments such as depreciation as well as the treatment of preferred stocks,
which are far from standards mandated by the International Financial Standards Board. Because of this, its recommended that KWIT set up its
Indian plant as a wholly owned subsidiary, with a need to keep an eye on convergence between Indian reporting methods and those affiliated with IFRS. Introduction
KWIT Ltd. Is a large and successful IT manufacturing firm in Australia. The company has succeeded in exporting its products to a number of overseas
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