cFinancial Accounting Project Key accounting differences between Cipla and GSK
Group 2 Aditya Kumar Singh (PGP16003), Aniket Naik (PGP16014)
Chhavi Chadha (PGP-16-032), Jenil Shah (PGP-16-38), Pratip Aditya (PGP-16-056) Ritali Garg (PGP-16-060), Shreevatsen Gopalan (PGP-16-069) Abstract This paper explores the difference in accounting financial statements between two firms in pharmaceutical industry, namely, Cipla and GSK. The key idea is to tabulate the style of accounting between an Indian and an UK based company. Differences in accounting practices Overview Cipla considers 31st of March as its end of financial year and hence its date statements is on that date. For GSK, they follow 31st December as the end of calendar year. The Generally Accepted Accounting Practices (GAAP) for both firms are different as Cipla follows the Indian GAAP standards while GSK follows the UK GAAP standards. The currency considered for Cipla is in INR and for GSK, it is in GBP. Balance Sheet