CONVERGENCE TO IFRS IN INDIA : BENEFITS COMPARED TO GAAP

Abstract

Recent years have seen major changes in financial reporting around the world, with the most obvious being the continued adoption of IFRS worldwide. With the economy on the world economic map, India has also decided to turn to the International Financial Reporting Standards (IFRS). While regulators, standard setters and lawmakers sit together to roll out a roadmap for the implementation of IFRS in India, a large segment of the industry is already discussing the impact it will have on the transition to IFRS. Impact of IFRS adoption, challenges that will come up and its adoption process in India. It also discusses the problems faced by stakeholders (regulators, accountants and firms, etc.) in the IFRS adoption process in India.