Page 31 - ISCDEBK-XI
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Accounting Standards: Concepts and Objectives ...                               4.5

                     Besides the above two basic differences, there are differences in other areas also. Some of the
                     areas where there is difference in the two standards are as follows:

                      •  Revenue recognition
                      •  Prior Period Items

                      •  Inventory valuation in Service Sector
                      •  Extraordinary Items

                      •  Accounting of Taxes on Income

                      •  Regrouping/Reclassification
                      •  Useful Life of Intangible Assets

                      •  Impact on Fixed Assets

                      •  Current and Non-current Classification
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