A STUDY ON IMPLEMENTATION AND APPLICATIONS OF IFRS IN INDIA

Authors

  • Dr. Devendrasinh Dalpatsinh Zala Associate Professor, Smt. K.K. Shah Arts and Smt. L.B. Gunjariya Commerce College, Thara

Keywords:

IFRS, Accounting Standards, IASC, Convergence, GAAP, ICAI

Abstract

A set of rich value and quality accounting standards related to financial reporting are required worldwide in order to operate businesses successfully. Conversion to IFRS offers entities a number of important potential benefits. Notwithstanding its benefits, the transition to IFRS will be challenging. It is therefore imperative to assess the impact of IFRS and immediately embark upon taking the steps to towards convergence plan and positive and pro-active approach from all the stakeholders – the regulators, the ICAI, the profession and the industry. Therefore, an attempt to throw light on key challenges embedded with conversion to IFRS is made through this research paper. The paper also describes the ways and strategies to convert challenges of conversion to IFRS into opportunities for the Indian entities.

References

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II. Banerjee, B. (2001) Corporate Financial Reporting Practices in India. Indian Journal of Accounting, Vol. XXXII, Dec. 2001.

III. Chandra, G. (2003) Convergence of Global Accounting Standards. Indian Accounting Review, Vol. 7, No. 2, Dec. 2003.

IV. Completing the February 2006 Memorandum of Understanding: A Progress Report and Time Table for Completion September 2008. (2009)

V. Dam, B. B., Barman, R., Sarda, R. A., Kalita, B. K. (2010) Theory and Practice of Accountancy. (Pages 2.14 to 2.19). Capital Publishing Company, Guwahati.

VI. Jain, Pawan. (2011, March), IFRS Implementation in India: Opportunities and Challenges (World Journal of Social Sciences, Vol.1 No.1 March 2011, Pp 125-136),

VII. http://www.ohioscpa.com/Content/40277.aspx International Financial Reporting Standards.

VIII. http://www.taxguru.in/accounting/ifrs-may-be-fine-tuned-to-Indian-needs.html (July 2010) IFRS may be fine tuned to Indian needs.

IX. http://www.kpmg.com/SecureData/IFRS_Institute/File/IFRS.pdf

Additional Files

Published

15-09-2020

How to Cite

Dr. Devendrasinh Dalpatsinh Zala. (2020). A STUDY ON IMPLEMENTATION AND APPLICATIONS OF IFRS IN INDIA. International Education and Research Journal (IERJ), 6(9). Retrieved from https://ierj.in/journal/index.php/ierj/article/view/2150

Issue

Vol. 6 No. 9 (2020): SEPTEMBER ISSUE, INTERNATIONAL EDUCATION AND RESEARCH JOURNAL

Section

Articles

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