INDIAN GAAP AND  IFRS :IS CONVERGANCE POSSIBLE?

Sonia Aggarwal

Volume : VI, Issue : I, January - 2016

INDIAN GAAP AND IFRS :IS CONVERGANCE POSSIBLE?

Sonia Aggarwal

Abstract :

Economic growth and increasing integration of Indian economy with global peers has led Indian corporate to raise capital globally . So it would be imperative for Indian corporate to adopt IFRS for their financial reporting. The first announcement of a plan to converge came in July 2007. While suffering various setbacks through delays in recent years, the current roadmap indicates that certain companies will have to mandatorily adopt Ind AS (Indian Accounting Standards) next year. The feasibility of international financial reporting standards (IFRS) in India needs serious attention when we are all set to upgrade the accounting standards to international financial reporting standards (IFRS) from 2016 as per the recommendation of international accounting standards board (IASB).So it is imperative to think of its feasibility and assessment of compatibility of domestic accounting standards with International Standards (IFRS).