AUDITORS AWARENESS IN CONVERGENCE FROM INDIAN GAAP TO IFRS

Adapa Jyothi; Dr. M N V SATYANARAYANA

Volume : VI, Issue : X, October - 2016

AUDITORS AWARENESS IN CONVERGENCE FROM INDIAN GAAP TO IFRS

Adapa Jyothi, Dr. M N V Satyanarayana

Abstract :

Accounting Standards are a set of rules that are aimed at making accounts more consistent, comparable and thereby inging in a harmonization of accounting policies and principles and practices that, in turn, are expected to enhance corporate governance and responsibility. Globalization has laid down a way for all the countries to adopt a single set of accounting standards. Recent years have seen major changes in financial reporting worldwide under which the most obvious is the continuing adoption of International Financial Reporting Standards (IFRS) worldwide. These are designed as a common global language for business affairs so that company accounts are understandable and comparable across international boundaries. The Introduction of International Financial Reporting Standards (IFRS) is closely related to the entire issue of globalization because it has changed close economy into open economy. The Government of India had committed to convergence of Indian Accounting Standards with IFRS from April 1, 2011. An understanding of Indian Generally Accepted Accounting Principles (GAAP) and IFRS standards is an urgent need for today’s Auditors. That is why, this paper attempts to study the auditors awareness in convergence from Indian GAAP to IFRS.