Volume : IV, Issue : V, May - 2015

INTERNATIONAL FINANCIAL REPORTING STANDARD: IMPACT ASSESSMENT

Prof. Shimoli Dhami

Abstract :

 International Financial Reporting Standard (IFRS) are now adopted by almost 100 countries and 12000 companies worldwide. India, Japan and USA are an exception. Mandating the implementation aims at uniform Financial  reporting so as to have less complexities during cross border transactions. Many countries have recognized the need for convergence and  they are moving towards the implementation stage. Accounting bodies such as the International Accounting standard Board (IASB) and the  US Financial Accounting Standard Board (FASB) have already initiated the groundwork on converging International Financial Reporting  Standards (IFRS) and Generally Accepted Accounting Principles (GAAP).All the Boards across the world have set their own timetable for  convergence into IFRS. The Institute of Chartered Accountants of India (ICAI) has also announced the mandatory adoption of the IFRS. This  will be done by revising the existing Accounting Standards to make them compatible with IFRS.

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Article: Download PDF   DOI : 10.36106/ijsr  

Cite This Article:

Prof.Shimoli Dhami INTERNATIONAL FINANCIAL REPORTING STANDARD: IMPACT ASSESSMENT International Journal of Scientific Research, Vol : 4, Issue : 5 May 2015

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