IFRS AND INDIAN: OPPORTUNITIES AND CHALLENGES
Keywords:
- Standard, preparation and presentation.Abstract
International Financial Reporting Standards (IFRS) are a set of international accounting standards stating how particular types of transactions and other events should be reported in financial statements. IFRS are standards, interpretations and the framework for the preparation and presentation of financial statements. IFRS are issued by the International Accounting Standards Board (IASB) are increasingly being recognized as the Global Financial Reporting Standards. Convergence with IFRS has gained momentum in recent years all over the World. India being an important emerging global economy, the Government of India has committed to convergence of Indian Accounting Standards with IFRS from April 1, 2011. This paper discusses the IFRS adoption procedure in India, the utility for India in adopting IFRS, the problems and challenges faced on the way of IFRS convergence in Indian firm. Further the paper advises some Recommendations and Measures for IFRS implementation in India.
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www.icai.org
www.mca.org.in
www.sebi.gov.in
www.aicpa.org
www.fasb.org
www.iasb.org
www.ifac.org
www.ifrs.com
www.iosco.org
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