Liability for dividend declared after the reporting period is recognized in retained earnings under IGAAP is derecognized under IFRS, as under IFRS dividend is to be recorded only after approval.
Under IGAAP, these advances are shown under Long term loans and advances.
He further explains the key differences between
IGAAP and IFRS:
What is less clear is what this converged iGAAP will look like.
GAAP with iGAAP has made a great deal of progress to date, there are still many issues yet to be addressed, including the fate of the LIFO method.
Despite this, we have increased our annual (
IGAAP & USGAAP) earnings per share guidance, driven by operational efficiencies," said V.
Corporate financial reporting is governed by a set of standard practices known as Generally Accepted Accounting Principles
IGAAP).