Applicability of International Financial Reporting Standards in India: Some Key Issues and Challenges
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| Title | Applicability of International Financial Reporting Standards in India: Some Key Issues and Challenges |
| Authors | |
| Abstract | Abstract:Financial reporting system, providing indispensable financial information about the company to its shareholders and other stakeholders, needs to be reliable, free from bias and should enable comparison on the basis of common benchmarks. The growing inter-linkages in the world economy and the recent global financial meltdown have thrown up important challenges that the world community must meet jointly and there is growing realization across the world of the need for enabling a single set of high quality global Accounting Standards, which would be based on common accounting principles while providing reliable and comparable financial information. This paper addresses the adoption and applicability of International Accounting Standards (IAS) and International Financial Reporting Standards (IFRS), issued by the International Accounting Standards Board (IASB) to India. Specifically, in Indian context, the paper highlights some major areas where the country lacked harmonization with International Accounting Standard (IAS) and the rapid congruence with IAS in the decade that followed. |
| Publisher | World Science Publisher |
| Date | 2012-06-15 |
| Source | 2169-3064 |
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