Accounting & Marketing

International Financial Reporting Standards: A Frame Work

Abstract

Malyadri P* and Srinivasa Rao K

Globalisation is causing a convergence of economic, trading, political and social process. Recent years have seen major changes in financial reporting worldwide under which the most obvious is the continuing adoption of IFRS worldwide. An upcoming economy on world economic map, India, too, decided to converge to International Financial Reporting Standards (IFRS). While regulators, standard setters and law makers sit together to rollout the road map for implementation of IFRS in India, a wide section of the industry is already debating about the impact that they are going to have on transitioning to IFRS. This paper explores the impact of adoption of IFRS, challenges that will come up and its adoption procedure in India. It also discusses the problems faced by the stakeholders (Regulators, Accountants, and Firms etc) in the process of adoption of IFRS in India. This paper discuss the IFRS adoption procedure in India and the utility for India in adopting IFRS, the problems and challenges faced by the stakeholdersand its impact on India.