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Theory Base of Accounting — Account STD 11 Commerce — Question

CBSE BoardEnglish MediumSTD 11 CommerceAccountTheory Base of Accounting1 Mark
Question
What is the basic difference between IFRS and Accounting Standards (AS) issued by ICAI (Institute of Chartered Accountants of India)
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Answer

IFRS are based on 'Fair Value Concept' whereas Accounting Standards are based on ‘Historical Cost Concept'

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