CHARTERED ACCOUNTANTS' PERSPECTIVES ON IFRS ADOPTION IN INDIA

Abstract

Global financial reporting has seen significant changes in recent years, the most notable of which is the continued adoption of IFRS on a global scale. Companies have elected to converge to International Financial Reporting Standards in an emerging economy on the global economic map (IFRS). In India, changes in financial reporting practises began in the late 1980s with the introduction of economic reforms and globalisation. Therefore, the Indian government made the decision to align its regional accounting standards with IFRS. A task force was established by the ICAI in 2006 with the goal of presenting a blueprint for the convergence process in India. This study makes an effort to discuss the scenario in relation to the adoption roadmap for IFRS, the effectiveness of adoption, and challenges encountered during this convergence process