Conversence of Indian Accounting Standards with IFRS - Prospects, Difference and Challenges

Abstract

N ow a day's International Financial Reporting Standards is buzz w ord and burning issue fo r implementation. Each country had its own rules and regulation besides generally accepted accounting practices fo r depicting financial statement. In time o f globalization each com pany wants to grasp the opportunity at global level it is very hard to understand numbers and take decision fo r stakeholders and management. Because of that, to have uniformity of preparing and presentation of financial statement o f any business entity, m ajor countries o f the globe ready to accept one and unique language of Accounting- International Financial Reporting Standards (IFRS). To acquaint with it Indian accounting standard would need to converge with IFRS. Thus, it is necessary to know that to whom it will be benefited and which are the barriers in the nam e o f challenges have to face. This paper throws light on the benefits, difference between Indian GAAP and IFRS and challenges related with convergence to the Indian A ccounting Standard with IFRS