Volume : I, Issue : III, August - 2012

Adaptation and Convergence of International Financial Reporting Standards

Dr. S. K. Khatik, Mr. Binoy Arickal

Abstract :

IFRS is the official reporting standard which was recently adopted by over 100 countries around the world. It has been around, in various forms, since 1973, and was previously known as IAS (or International Accounting Standards).However, it has only recently begun to be used more prevalently throughout the world. The European Union and Australia decided that public companies would be required to use IFRS in 2005. New Zealand converted in 2007. In the year 2008, the Canadian Accounting Standards Board decided to make IFRS mandatory for all publicly-accountable enterprises starting in January 2011. Other countries such as China, Japan, India, and South Korea have targeted to adapt IFRS by 2011. The International Financial Reporting Standards (IFRS’s) issued by the International Accounting Standards Board (IASB) seems to a world wide consensus surrounding the need for one global set of accounting standards which would make financial statements comparable across borders. The convergence with IFRS standards is set to change the landscape for financial reporting in India. IFRS represents the most commonly accepted global accounting framework as it has been adopted by more than 100 countries.With the growth of Indian Economy and increasing integration with the global economies, Indian corporate are raising capital globally. Under the circumstances, it would be imperative for Indian corporate to adopt IFRS for their financial reporting. This paper is analysis attempt to examine the need and requirement of the IFRS in the present scenario as well as to find out the stakeholders and beneficiaries of IFRS in India. This study is also related to finding out the complications of the adoption of IFRS in India & its impact on the financial statements.

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Article: Download PDF   DOI : 10.36106/ijsr  

Cite This Article:

Dr.S.K.Khatik, Mr.Binoy Arickal Adaptation and Convergence of International Financial Reporting Standards International Journal of Scientific Research, Vol.I, Issue.III August 2012

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