Volume : VII, Issue : I, January - 2018

IFRS – Concept and Its Convergence in India

Gurcharn Singh

Abstract :

 

The main purpose of this paper is to impart knowledge about the IFRS concept and its phase wise applicability in India . This study endeavours that IFRS Standards are standards issued by the IFRS Foundation and the International Accounting Standards Board (IASB) to provide a common global language for business affairs so that company accounts are understandable and comparable across international boundaries. IFRS is principle based set of standards that establish oad rules as well as dictating specific treatments. The objective behind the IFRS is to make a common platform for better understanding of accounting internationally. By adopting IFRS, a business can present its financial statements on the same basis as its foreign competitiors, making comparisions easier. After issuing the revised roadmap for implementing Ind AS in January 2015, the Ministry of Corporate Affairs (MCA) has come up with the phase wise adoption of Ind AS, India’s Accounting Standards converged with IFRS.IFRS were established in order to have a common accounting language for business and accounts so that stability and transparency is maintained

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Article: Download PDF   DOI : 10.36106/ijsr  

Cite This Article:

Gurcharn Singh, IFRS‾Concept and Its Convergence in India, INTERNATIONAL JOURNAL OF SCIENTIFIC RESEARCH : Volume-7 | Issue-1 | January-2018

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