Volume : 5, Issue : 8, August - 2016

IFRS & INDIA � BENEFITS, PROBLEMS & CHALLENGES

Milan B. Undavia

Abstract :

<p>&nbsp;The global harmonization of accounting standards came from lack of comparability of financial statements across the country. In recent years, International Financial Reporting Standards convergence has achieved momentum all over the world. The European Union is a regional economic union aimed at harmonizing economic, social, fiscal and monetary policies among its member&rsquo;s countries. As part of its implementation in 2002, the EU approved an Accounting Regulation requiring EU companies listed on a regulated market to adopt IFRS in the consolidated financial statements starting in 2005. In India, ICAI has decided to adopt the IFRS by April 2011 but still there is no growth in the implementation of IFRS. This paper discusses the procedural aspects of adoption of IFRS in India, the benefits if adoption and the problems and challenges faced by the stakeholders and its impact on India.</p>