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