Skip to content
Sign inRegister

Ask the Tutor ACCA FR

conflict between local GAAP and IAS

MBMuhammad Bilal10y ago
Dear Mike, Thank you for your all your support for ACCA :) Just wanted to ask you incase of a conflict between local GAAP of a country and IAS which will be applied ? For example in answer to june 2015 section B question 1(A) the examiner has included the capitalisation of interest (IAS 23) in FV of assets @ DOA. even though the local GAAP prohibits this. Thanks
MikeLittleMikeLittleTutor10y ago#1
Local GAAP beats IAS / IFRS For whose benefit are those financial statements being prepared? If it's for filing with the local government, local GAAP must apply Otherwise, it's IAS / IFRS
Sign into reply to this topic.