Difference between GAAP and IFRS
There are different types of accounting standards that are followed around the
globe. The most commonly used accounting standards are International
Financial Reporting Standards or IFRS and Generally Accepted Accounting
Principles or GAAP.
IFRS refers to the international financial reporting standards that are followed
globally and includes instructions on how certain transactions should be
reported in financial statements. IFRS is issued by the International
Accounting Standards Board (IASB).
GAAP refers to a common set of accounting standards and procedures that a
company must follow at the time of preparation of financial statements.GAAP
stands for Generally Accepted Accounting Principles, which are the generally
accepted standards for financial reporting in the United States. IFRS stands
for International Financial Reporting Standards, which are a set of
internationally accepted accounting standards used by most of the world’s
countries. The key differences between GAAP and IFRS include:

GAAP is a framework based on legal authority while IFRS is based on a
principles-based approach.

GAAP is more detailed and prescriptive while IFRS is more high-level
and flexible.

GAAP requires more disclosures while IFRS requires fewer disclosures.

GAAP is more focused on the historical cost of assets while IFRS allows
for more flexibility in the valuation of assets.
Which is better IFRS or GAAP?
It depends on the context. Generally speaking, IFRS is more widely used
globally and is better for companies that operate in multiple countries, while
GAAP is more focused on the US and is better for companies that only
operate in the US.
Why is IFRS not used in the US?
IFRS (International Financial Reporting Standards) is not used in the US
because the US government has not adopted it as the official accounting
standard. The US instead uses its own set of Generally Accepted Accounting
Principles (GAAP). The US government has indicated that it is considering
adopting IFRS, but has yet to do so.
What is the difference between GAAP and IFRS in
inventory?
GAAP and IFRS have some different requirements when it comes to
inventory. Under GAAP, inventory must be valued at the lower of cost or
market value, while IFRS requires inventory to be valued at the lower of cost
or net realizable value. Additionally, GAAP does not allow for any inventory
write-downs, whereas IFRS does. Lastly, GAAP requires that inventory be
valued using a specific cost flow assumption (such as FIFO or LIFO) while
IFRS does not.
INSTITUTE OF CHARTERED ACOUNTING OF
INDIA (ICAI)
The Institute of Chartered Accountants of India (ICAI) is a statutory body
established by an Act of Parliament, viz. The Chartered Accountants Act, 1949
(Act No.XXXVIII of 1949) for regulating the profession of Chartered
Accountancy in the country. The Institute, functions under the administrative
control of the Ministry of Corporate Affairs, Government of India. The ICAI is
the second largest professional body of Chartered Accountants in the world,
with a strong tradition of service to the Indian economy in public interest.
The affairs of the ICAI are managed by a Council in accordance with the
provisions of the Chartered Accountants Act, 1949 and the Chartered
Accountants Regulations, 1988. The Council constitutes of 40 members of
whom 32 are elected by the Chartered Accountants and remaining 8 are
nominated by the Central Government generally representing the Comptroller
and Auditor General of India, Securities and Exchange Board of India, Ministry
of Corporate Affairs, Ministry of Finance and other stakeholders.
Over a period of time the ICAI has achieved recognition as a premier
accounting body not only in the country but also globally, for maintaining
highest standards in technical, ethical areas and for sustaining stringent
examination and education standards. Since 1949, the profession has grown
leaps and bounds in terms of members and student base.
GAAP (GENERALLY ACCEPTED ACCOUNTING
PRINCIPLES)
Generally Accepted Accounting Principles or GAAP is a defined set of rules
and procedures that needs to be followed in order to create financial
statements, which are consistent with the industry standards.
GAAP helps in ensuring that financial reporting is transparent and uniform
across industries. As financial information is based on historical data, therefore
in order to facilitate comparison between data from various sources, GAAP
must be followed.
GAAP is developed by the Financial Accounting Standards Board (FASB)
The following GAAP principles can be discussed:
1. Principle of Consistency: This principle ensures that the organizations
use consistent standards while recording the transactions.
2. Principle of Regularity: This principle states that all the accountants
abide by the rules and regulations as per GAAP.
3. Principle of Sincerity: This principle states that an accountant should
provide an accurate depiction of the financial situation of a business.
4. Principle of Permanence of Method: This principle states that consistent
practices and procedures should be followed for financial reporting
purposes.
5. Principle of Prudence: This principle states that financial data should be
reasonable, factual and should not be based on any speculation.
6. Principle of Continuity: This principle states that the valuation of assets
is based on the assumption that the business will be continuing its
operations in the future.
7. Principle of Materiality: This principle lays emphasis on the full
disclosure of the true financial position of the business.
8. Principle of Periodicity: This principle states that business entities should
abide by the commonly accepted accounting periods for financial
reporting such as yearly, half-yearly, etc.
9. Principle of Non-compensation: This principle states that no business
entities should expect compensation in return for providing accurate
information in financial reporting.
10.
Principle of Good Faith: This principle states that all the parties
involved in financial reporting should be honest in reporting the
transactions.
ACCOUNTING STANDARDS ISSUED BY ICAI
Accounting Standards for non-corporate entities, such as Small and Mediumsized Enterprises (SMEs), in India are determined by the Accounting
Standards Board (ASB) of ICAI. These standards adhere to Indian GAAP
(Generally Accepted Accounting Practices), aiming to enhance
comprehension of financial statements for users. Conversely, corporate
entities follow the Accounting Standards mandated by the MCA.
by ICAI have prevailed for two decades. Currently, they are undergoing a review and revision The Accounting Standards simplify matters by establishing a
consistent set of best practices and globally recognized accounting policies,
which must be adhered to when presenting financial statements. These
standards share the same objectives and fundamental principles worldwide.
These standards must be followed from the specified dates mentioned in the
respective document or as communicated by the ICAI/ MCA.
The MCA provides companies with Accounting Standards based on
recommendations from the ICAI. These Accounting Standards are
communicated through the Companies (Accounting Standards) Rules, and
any updates or modifications are also shared by the MCA. It is important to
note that these standards apply to all companies, including Small and
Medium-sized Companies, which are not bound by the Indian Accounting
Standards (Ind AS).
THE ACCOUNTING STANDARDS FOR NON-CORPORATE ENTITIES
PROCESS TO ALIGN WITH THE FINANCIAL REPORTING REQUIREMENTS OF IND AS, PARTICULARLY TAILORED FOR SMES.
ICAI’sAccounting Standards
The Accounting Standards Board of ICAI has put out a booklet called
“Accounting Standards: Quick Referencer” so that everyone can quickly look
up the most important parts of the Accounting Standards. This booklet has a
summary of the Accounting Standards put out by the ICAI and the Companies
(Accounting Standards) Rules, 2006, which were put out by the Ministry of
Corporate Affairs, Government of India, to protect the interests of the people
who make or audit financial statements as well as the interests of other
stakeholders.
IFRS (INTERNATIONAL FINANCIAL REPORTING
STANDARD)
IFRS is a acronym of International Financial Reporting Standards and covers
full set of principles and rules on reporting of various items, transactions or
situations in the financial statements. Often they are referred to as “principles
based” standards because they describe principles rather than dictate rigid
accounting rules for treatment of certain items. In simple words, IFRS are a set
of International accounting standards, stating how particular types of
transactions and other events should be reported in the financial statements.
They are the guidelines and rules set by IASB which the company and
organisation can follow while preparing their financial statements. IFRS are
designed as a common global language for business affairs so the company
accounts are understandable and comparable across international boundaries.
COMPONENTS OF IFRS
IFRS comprises the following components:
1. International Accounting Standards (IASs) issued by IASC
2. International Financial Reporting Standards (IFRSs) issued by IASB Both
IAS and IFRS are standards themselves that prescribe rules or accounting
treatments for various individual items or elements of financial statements.
IASs are the standards issued before 2001 and IFRSs are the standards
issued after 2001. There used to be 41 standards named IAS 1, IAS 2, etc..,
however, several of them were superseded, replaced or just withdrawn.
3. Interpretations originated from Standing Interpretations Committee (SIC)
4. Interpretations originated from the International Financial Reporting
Interpretations Committee (IFRICS) SICs and IFRICs are interpretations that
supplements IAS/IFRS standards. SIC were issued before 2001 and IFRIC
were issued after 2001. They deal with more specific situations not covered in
the standard itself, or issues that arose after publishing of certain IFRS.
FEATURES OF IFRS: .
1.IFRS are principle base standards as compared to the rule based GAAP:
This means that they have distinct advantage that transactions cannot be
manipulated easily.
2. IFRS lays down treatments based on the economic substance of various
events and transactions rather than their legal form.
3. Fair value accounting: Under the IFRS, the historical cost concept has been
abandoned and replaced by a current cost system for more accurate financial
reporting. The concept of fair value accounting has taken over historical cost
accounting in financial reporting to improve the relevance of the information
contained in financial reports and getting the balance sheet right.
4. Format of financial statements: Presentation of financial statements is
significantly different from presentation of financial statements in GAAP, which
follows the Schedule III of the Companies Act, 2013. For example, IFRS
requires clean segregation of assets and liabilities into current and non-current
groups. At present, the liquidity basis is preferred as per the Companies Act.
5. Functional currency: Indian entities prepare financial statements in Indian
Rupees. Under IFRS, an entity measures its assets and liabilities and
revenues and expenses in its functional currency. Functional currency is the
currency of the primary environment in which the entity operates which may be
different from the local currency of a country.
6. IFRS requires annual reassessment of useful life of the assets. Earlier
depreciation was stopped once asset is retired from active use. But under
IFRS depreciation is to be allowed till the time of actual de-recognition of asset
from the books.
7. Component accounting: IFRS mandates Component Accounting. Under this
approach each major part of an item of equipment with a cost that is significant
in relation to the total cost of an item has to be maintained and depreciated
separately.
List of Mandatory Accounting Standards of ICAI (AS-1
to AS-29): Updated as on 01/02/2022
The first question for students and learners is, “How many accounting
standards are there?” For their information, the ICAI has put out a total of 32
Accounting Standards (AS-1 to AS-32), of which AS-1 to AS-29 are
mandatory. AS-6, AS-8, AS-30, AS-31, and AS-32 have been taken away by
the ICAI through different Announcements. So, as of February 1, 2022, there
are really only 27 Accounting Standards of ICAI. All these accounting
standards are mandatory in nature, as of 01/07/2017:
ICAI’s AS-1: Disclosure of Accounting Policies
AS-1 of ICAI addresses the disclosure of significant accounting policies used
to prepare and present financial statements in a supplementary statement or
notes. This enables effective comparison of financial statements across
different enterprises and periods.
ICAI’s AS-2: Valuation of Inventories
AS-2 of ICAI deals with determining the value at which inventories are
recorded in financial statements. This includes considering both the cost and
net realizable value.
ICAI’s AS-3: Cash Flow Statements
AS-3 of ICAI provides information about an enterprise’s historical changes in
cash and cash equivalents through a Cash Flow Statement. This statement
helps differentiate cash flows from operating, investing, and financing activities
ICAI’s AS-4: Contingencies and Events Occurring After
Balance Sheet Date
AS-4 of ICAI covers post-balance-sheet events and contingencies.
ICAI’s AS-5: Net profit or Loss for the period, Prior
Period Items and Changes in Accounting Policies
When preparing the Statement of Profit and Loss, it is recommended to apply
AS-5 of ICAI. This accounting standard helps in presenting profit or loss from
ordinary activities, extraordinary items, prior period items, accounting for
changes in accounting estimates, as well as disclosing any changes in
accounting policies.
ICAI’s AS-7: Construction Contracts
According to the provisions of AS-7 by ICAI, contractors are required to
include accounting information for construction contracts in their financial
statement
ICAI’s AS-9: Revenue Recognition
AS-9 of ICAI addresses revenue recognition in a company’s profit and loss
statement. This standard covers the identification and recording of revenue
derived from various sources, including the sale of goods, provision of services, interest, royalties, and dividends.
ICAI’s AS-10: Property, Plant and Equipment
The objective of AS-10 of ICAI is to prescribe the accounting treatment for
property, plant and equipment (PPE).
ICAI’s AS-11: The Effects of Changes in Foreign
Exchange Rates
AS-11 of ICAI provides accounting standards for foreign currency transactions
and foreign operations. It guides businesses on determining the appropriate
exchange rate to use and how to accurately reflect the financial impact of
changes in exchange rates. This standard ensures that companies can
effectively manage their international financial activities.
ICAI’s AS-12: Government Grants
AS-12 of ICAI deals with the accounting treatment of government grants,
which include subsidies, monetary incentives, duty drawbacks, and more.
ICAI’s AS-13: Accounting for Investments
ICAI’s AS-13 focuses on how enterprises should account for investments in
their financial statements and the corresponding disclosure requirements.
ICAI’s AS-14: Accounting for Amalgamations
AS-14 of ICAI focuses on the accounting treatment of amalgamations,
including how to handle any resulting goodwill or reserves.
ICAI’s AS-15: Employee Benefits
The AS-15 of ICAI provides guidelines for how to handle and disclose
employee perks, excluding share-based payments. However, it does not
address the accounting and reporting of employee benefit plans.
ICAI’s AS-16: Borrowing Costs
AS-16 of ICAI pertains to the treatment of borrowing costs. However, it’s
important to note that this standard does not encompass the actual or imputed
cost of owners’ equity, which includes preference share capital that is not
classified as a liability.
ICAI’s AS-17: Segment Reporting
ICAI’s AS-17 establishes guidelines for reporting financial information regarding a company’s segments, products, services, and geographic locations.
ICAI’s AS-18: Related Party Disclosures
The use of AS-18 by ICAI is recommended to report transactions and
relationships involving related parties. This Standard applies to the financial
statements of each reporting enterprise as well as the consolidated financial
statements of holding companies.
ICAI’s AS-19: Leases
The AS-19 of ICAI establishes accounting standards and disclosure requirements for financing and operating leases pertaining to both lessees and
lessors. This ensures that all parties.
ICAI’s AS-20: Earnings Per Share
AS-20, a standard established by the Institute of Chartered Accountants of
India (ICAI), outlines the criteria for calculating and presenting earnings per
share. This guideline aims to enhance performance comparisons between
different businesses
ICAI’s AS-21: Consolidated Financial Statements
AS-21 outlines the methods and principles for creating consolidated financial
statements. These statements provide a comprehensive view of the economic
resources controlled by both a parent company and its subsidiary(ies), treating
them as one cohesive entity. They also present information about their
combined liabilities and the outcomes achieved through effective resource
management.
ICAI’s AS-22: Accounting for Taxes on Income
The purpose of AS-22 of ICAI is to oversee the accounting treatment of taxes
on income. This is because taxable income often differs significantly from
accounting income due to various factors. As a result, it becomes challenging
to properly match taxes against revenue within a specific period.
ICAI’s AS-23: Accounting for Investments in Associates
In the production and presentation of consolidated Financial Statements (CFS)
by an investor when accounting for investments in associates, the AS-23 of
ICAI is to be applied.
ICAI’s AS-24: Discontinuing Operations
AS-24 of ICAI establishes guidelines that provide information on discontinuing
operations for readers of financial statements. These guidelines allow them to
predict an enterprise’s cash flows, earnings-generating potential, and financial
position by distinguishing between discontinuing and continuing operations. It
is important to note that AS 24 applies to all enterprises that are in the process
of discontinuing operations.
ICAI’s AS-25: Interim Financial Reporting
AS-25 of ICAI applies when a business is required or chooses to release an
interim financial report. The purpose of this standard is to establish guidelines
for the minimum content of an interim financial report and the rules for
recognizing and measuring information in both complete and condensed
financial statements for a specific period.
ICAI’s AS-26: Intangible Assets
ICAI AS-26 outlines the accounting treatment for intangible assets. These
assets, known as identifiable non-monetary assets, lack physical substance
but play a crucial role in the production or supply of goods and services,
renting to others, or administrative purposes.
ICAI’s AS-27: Financial Reporting of Interests in Joint
Ventures
ICAI’s AS-27 aims to establish accounting rules and reporting systems
concerning joint venture interests, assets, liabilities, income, and expenses.
These guidelines ensure accurate representation in the financial statements of
both venturers and investors.
ICAI’s AS-28: Impairment of Assets
AS-28 of the ICAI outlines the steps businesses must take to ensure their
assets are valued at a recoverable value. If an asset’s carrying amount
exceeds what can be recovered through use or sale, AS 28 mandates
recognizing an impairment loss. Unless specifically excluded, AS 28
addresses the impairment of all assets.
ICAI’s AS-29: Provisions, Contingent Liabilities and
Contingent Assets
AS-29 ensures that provisions and contingent liabilities are recognized and
measured correctly, with relevant information provided in the financial
statements’ notes. This helps users understand the nature, timing, and amount
of these items. Additionally, this Standard defines how to account for
contingent assets.
What Are International Accounting Standards (IAS)?
International Accounting Standards (IAS) are a set of rules for financial
statements that were replaced in 2001 by International Financial Reporting
Standards (IFRS) and have subsequently been adopted by most major
financial markets around the world.1 Both sets of standards were issued by
the International Accounting Standards Board (IASB), an independent body
based in London.
The United States does not follow IFRS. Instead, the U.S. Securities &
Exchange Commission requires public companies in the U.S. to follow
Generally Accepted Accounting Standards (GAAP). China and Japan also
declined to adopt IFRS.
International Accounting Standards (IAS) were the first international
accounting standards that were issued by the International Accounting
Standards Committee (IASC), formed in 1973. The goal then, as it remains
today, was to make it easier to compare businesses around the world,
increase transparency and trust in financial reporting, and foster global trade
and investment.6
Globally
comparable
accounting
standards promote
transparency,
accountability, and efficiency in financial markets around the world. This
enables investors and other market participants to make informed economic
decisions about investment opportunities and risks and improves capital
allocation. Universal standards also significantly reduce reporting and
regulatory costs, especially for companies with international operations and
subsidiaries in multiple countries.The United States is exploring
adopting international accounting standards. Since 2002, America's
accounting-standards body, the Financial Accounting Standards Board
(FASB) and the IASB have collaborated on a project to improve and converge
the U.S. generally accepted accounting principles (GAAP) and
IFRS.5 However, while the FASB and IASB have issued norms together, the
convergence process is taking much longer than was expected—in part
because of the complexity of implementing the Dodd-Frank Wall Street
Reform and Consumer Protection Act.8
Board of Governors of the Federal Reserve System. "Dodd-Frank Act
Stress Test 2020: Supervisory Stress Test Results."
The Securities and Exchange Commission (SEC), which regulates U.S.
securities markets, has long supported high-quality global accounting
standards in principle and continues to do so. In the meantime, because U.S.
investors and companies routinely invest trillions of dollars abroad, fully
understanding the similarities and differences between U.S. GAAP and
IFRS is crucial. One conceptual difference: IFRS is thought to be a more
principles-based accounting system, while GAAP is more rules-based.
Differences Between Indian Accounting Standards and
International Accounting Standards
Differences based on What they Entail
The International Accounting Standards, now known as International Financial
Reporting Standards refers to the accounting guidelines and regulations
followed by each nation. In the last couple of years, the monetary situation has
changed drastically all around the world. Few transitional groups are now
working in a number of countries to resolve IFRS convergence-related
situations. The standard, which can also be widely acknowledged globally,
therefore needs to be maintained. It is also known as the objective of setting a
certain set of standards that everyone can utilize nationally and worldwide.
In the context of Indian firms, the abbreviation IND AS is used. Throughout the
period, such standards were established in India. These standards are often
known as Ind As. Such standards must be adopted under the monitoring and
supervision of the Accounting Standards Board (ASB) under a distinct type of
corporation and NBFCs in India. In 1977, the Accounting Standards Board
was established as a regulating organization and authority.
The ASB is an independent and professional body controlled by the Institute of
Chartered Accountants of India (ICAI). Other organizations that govern ASB
requirements include the Federation of Indian Chambers of Commerce and
Industry (FICCI), the Confederation of Indian Industry (CII), and the
Associated Chambers of Commerce and Industry of India (ASSOCHAM).
People, professors, and scholars from the abovementioned body present
various accounting standards. Indian Accounting Standards were created in
order to unify worldwide accounting and reporting standards. The International
Financial Reporting Standards (IFRS) contain international accounting
standards (IFRS). The National Advisory Committee on Accounting Standards
(NACAS), an Indian government organization, recommended these standards
to the Ministry of Corporate Affairs.
Differences based on Issuing Body
The Central Government of India in collaboration with the National Advisory
Committee on Accounting Standards developed Indian Accounting Standards
(NACAS). The Accounting Standards Board (ASB) of the ICAI oversaw and
controlled the process. NACAS recommended the Indian AS to the Ministry of
Corporate Affairs, which has the authority to apply it to Indian companies. The
Ind AS have the same names and numbers as their IFRS equivalents. There
have been 40 Indian AS issued so yet.
The International Accounting Standards Board (IASB), an independent
international standard-setting body based in London, issued previous
accounting standards known as International Accounting Standards (IAS). The
International Accounting Standards Board (IASB) is the IFRS Foundation’s
independent accounting standard-setting organization. It is one of the most
widely used accounting standards.
The Board of Directors is an impartial group of specialists with an adequate
combination of practical experience recently gained with accounting
standards, auditing, preparing, or using financial reports, and in accounting
education. It’s also necessary to have a lot of geographical diversity. The IFRS
Foundation Constitution sets out the complete qualifications for the Board
membership and the geographical allocation on the individual profiles can be
viewed.
The members of the Board shall establish and publish the IFRS standards,
including the IFRS Standard for SMEs. The IFRS Interpretation Committee
also has the responsibility of approving the interpretation of IFRS Standards
(formerly IFRIC). The International Financial Reporting Standards replaced the
IAS in 2001 (IFRS). When balancing accounts, international accounting is a
subset of accounting that takes international accounting standards into
consideration
Differences based on Significance
The Indian AS supports cross-border cash flows, makes global listing easier,
and allows international comparability of the financial statement This
encourages worldwide investments, which benefits all stakeholders in the
capital market. The Indian AS assists the investor in making a global
comparison of investments. There is no need to reinstate the financial
statements of Indian corporations now that the Indian AS is in existence.
The aim was initially to simplify comparison between organizations worldwide,
enhance transparency and confidence in financial reporting, and promote
worldwide trade and investment. This enhances capital allocation by allowing
investors and other market participants to make informed economic judgments
about investment possibilities and risks.
Universal standards can help organizations with multinational operations and
subsidiaries in different countries save money on reporting and regulatory
compliance.
Differences based on Applicability
Indian AS’s first fiscal year was 2011, but the Ministry of Corporate Affairs
postponed it due to some concerns. The Ministry of Corporate Affairs
published the Companies (Indian Accounting Standards) Rules in February
2015. Banking, insurance, and non-bank financial companies were left out of
the updated implementation roadmap.
Since 1 April 2015, IND AS has been introduced voluntarily and made
necessary by notification on 1 April 2016. The notifications released thereafter
covered the implementation of the NBFCs, banking, and insurance firms. A
company can freely or mandatorily follow IND AS. But, once it starts following
the Ind AS, it cannot revert to its old method of accounting.
The International Accounting Standards Foundation was the IFRS
Foundation’s predecessor body (IASF). On February 6, 2001, it was founded.
On July 1, 2010, the Foundation has renamed the International Financial
Reporting Standards Foundation (IFRS Foundation). It has been incorporated
in Delaware, the USA as a non-profit company that operates independently. Its
main mission under its Constitution is, in the public interest, to produce a
single set of international financial reporting standards (IFRS) that are high
quality, intelligible, enforceable, and universally acknowledged, based on
clearly articulated principles.
Differences based on Revenue
In the case of IFRS, revenue is always determined as the fair value of the
consideration receivable or received. On the other hand, according to the
Indian AS, revenues are taken into account if the companies charge
products/services and also benefit firms by employing their resources.
Differences based on Exchange Rate
According to IFRS, the Company’s assets and liabilities are transformed into
an exchange rate if it does not use its functional currency. Indian AS, on the
other hand, does not require an exchange rate because it is solely relevant to
Indian enterprises.
Differences based on Disclosure of the statement
Whenever a corporation complies with IFRS, it must indicate that they comply
with the IFRS in the form of a note. However, the declaration is not obligatory
for the Indian AS. When an organization is deemed to be following the Indian
AS, the truth and fairness of its financial activities are presumed to be in
conformity to the Indian AS.
Conclusion
The context is the most crucial aspect of both IFRS versus Indian AS
accountability requirements. We use these to make an enormous difference in
this context. Furthermore, comparing these two IFRS vs. Indian As accounting
standards provides insight into the benchmarks that each of these IFRS vs.
Indian As accounting standards has established for themselves.
What works in one country may not work in another, and vice versa. This is
why in the respective settings, the applicability of these two IFRS vs Indian AS
standards remains relevant.
.Acknowledgement
On this great occasion of accomplishment of our project on Corporate
Accounting on the topic A STUDY ON THEKA COFFEE, we would like to
sincerely express our gratitude to Mrs. Parul Atri, who has been supporting
through the completion of this project.
Finally, as one of the team members, I would like to appreciate all my group
members for their support and coordination, I hope we will achieve more in our
future endeavours.
Manya Nigam
B.Com
Certificate
This is to certify that Manya Nigam of Jagran Lakecity University has
successfully completed the Project on A STUDY ON THEKA COFFEE and
has exhibited exceptional skills and knowledge in the field of Corporate
Accounting. The project was completed under the guidance of Mrs. Parul Atri.
This project was evaluated by a panel of experts and was found to be wellconceived, well-executed, and of high quality. It is a testament to the hard
work, dedication, and commitment of the student and the guidance provided
by the teacher.