Ledgers

Ledgers: - These are the Physical set of Books, in Old Days, which are prepared as per the Accounting standard prescribed by the Law of the Land or internationally accepted accounting standards.

Few of them are specified as below:-

1. IFRS - International Financial Reporting Standards

2. US-GAAP - United States Generally Accepted Accounting Principles

3. IND-GAAP - Indian Generally Accepted Accounting Principles

4. UK A/c Std. - United Kingdom Accounting Standards

Now days, Computer Softwares (ERP - Enterprises Resource Planning Softwares) can maintain multiple Ledgers Books in same software, in same instance, in real time.

Single Transaction entered by Users, shall be updated and transformed by such ERP systems into different Ledger Books spontaneously as per different accounting standards applicable.