Is Accounting same all over the World

No, accounting is not the same all over the world. Basic principles like double-entry bookkeeping are universal, but standards, regulations, and practices vary significantly by country.

Key Differences

Countries follow different frameworks, such as US GAAP in the United States, which is rules-based and detailed, versus IFRS used in over 140 countries including the EU, India, and Australia, which is principles-based and more flexible. For example, revenue recognition and asset valuation methods differ, with GAAP emphasizing specific rules while IFRS allows more judgment.

Regional Variations

In India, Ind AS aligns closely with IFRS but includes local tweaks for taxation and reporting, differing from the April-March financial year unique to the country. Australia blends IFRS with its own AASB standards, focusing on tax and investor needs, while places like China use CAS with distinct state influences.

Global Convergence

Efforts by bodies like the IASB promote IFRS adoption for multinational consistency, but full uniformity remains elusive due to cultural, legal, and tax factors. Professionals often need qualifications like CPA or CA tailored to local rules.