Abstract: IFRS means International Financial Reporting Standards and International Accounting Standard Board – (IASB) provided the framework for its working. IFRS adopted by IASB has gained worldwide acceptance amongst many countries and some listed companies in European nations have embraced it. IFRS employs a uniform, single consistent accounting framework that is gravitating towards General Accepted Accounting Practice (GAPP) in the future. IFRS since its introduction in 2001 had provided uniform accounting in financial reporting which would enable investors to interpret financial statements with minimum effort. The paradigm shift in the economic environment in India during last few years has led to increasing attention being devoted to accounting standards as a means towards ensuring potent and transparent financial reporting by any corporate. Indian Accounting Standards have withstood the test of time. As the world continues to globalize, discussion on convergence of national accounting standards with International Financial Reporting Standards (IFRS) has increased significantly. At present, the ASB of ICAI formulates the AS based on IFRS. However, these standards remain sensitive to local conditions, including the legal and economic environment. As the world continues to globalize, discussion on convergence of Indian GAAP with IFRS has increased significantly.
Keywords: Accounting standards, IFRS, IASB, Stakeholders
Title: IFRS in Indian Context
Author: Ratheesh R J, Anjula C S
International Journal of Management and Commerce Innovations
ISSN 2348-7585 (Online)
Research Publish Journals
