What is the difference between Indian GAAP and US GAAP?

We have seen as a result of the historical links with British rule in India the foundations of corporate law and accounting, like most other legal and political foundations in India, have been influenced by the UK system. So, international Accounting Standards have been used as a benchmark in setting accounting and reporting standards. We shall look here at the developments in Indian accounting over the last three years. And compare the existing standards with…