International Journal of Advanced Research and Development

International Journal of Advanced Research and Development


International Journal of Advanced Research and Development
International Journal of Advanced Research and Development
Vol. 3, Issue 1 (2018)

Challenges in implementing IFRS in India: An analytical overview


S Subashree, Shankar R, Dr. E Nixon Amirtharaj

Accounting standards (AS) are authoritative standards for financial reporting and are the primary source of generally accepted accounting principles (GAAP). Accounting standards specify how transactions and other events are to be renowned, calculated, presented and revealed in financial statements. The aim of such standards is to endow with financial information to investors, lenders, creditors, contributors and others that is useful in making decisions about providing resources to the entity. However, Convergence would be a challenge in view of the conflicting legal and regulatory requirements related to financial statements, the technical preparedness of industry and accounting professionals and economic environment prevailing in the country. A sample of 75 respondents comprising Chartered Accountants (CAs) and CA students in Coimbatore city, was taken into consideration using convenience sampling. The measures taken by the ICAI and the other regulatory bodies to facilitate the smooth convergence to IFRS are commendable and give the positive idea that the country is ready for convergence.
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How to cite this article:
S Subashree, Shankar R, Dr. E Nixon Amirtharaj. Challenges in implementing IFRS in India: An analytical overview. International Journal of Advanced Research and Development, Volume 3, Issue 1, 2018, Pages 796-798
International Journal of Advanced Research and Development International Journal of Advanced Research and Development