Global Convergence of Accounting Standards - Challenges Ahead to Indian Corporates

Abstract

In this scenario of globalization, India cannot isolate itself from the developments takmg place worldwide. In India, the /CAI has been complying with the Global convergence of Accounting standard to formulate sound financial reporting standards. The ICAI, being a member of the International Federation of Accountants (lFAC), considers the Global convergence of Accounting standard and tries to integrate it, to the rxtent possible, in the light of the laws, customs, practices and business environment prevailing in India.