Impact of Ifrs on the Financial Reportins of Indian Information Teciinology (It) Companies

Abstract

With the introduction of Direct Tax Code, the enactment of New Companies' Bill and the proposed Goods and Services Tax, the financial year 2011 was the year o f major regulatory changes and it was a significant year fo r the Indian Inc. One of the other important changes aw aiting the Indian Inc is the convergence o f new set o f A ccounting Standards viz, International Finance Reporting Standards (IFRS). The world has become a global economic village.