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Ifrs in India

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Ifrs in India
IFRS... in India

International Financial Reporting
Professor Uri Ronnen
Year:2012/2013

Table of Contents

What is IFRS?...........................................................................................................2

What is the difference between Adoption and Conversion of IFRS ...............4

The current situation of Accounting India :If the conversion is not a problem the total adoption is still delayed ………………..........................………........………….5

Main difference between Ind-AS and IAS …………………........................………..6

Case study : the Compant WIPRO ltd ………………...................………………...7

Conclusion ............…..............................................................…...………..................22

What is IFRS

International Financial Reporting Standards (IFRS) is a set of accounting standards developed by an independent, not-for-profit organization called the International Accounting Standards Board (IASB) in 2001.The goal of IFRS is to provide a global framework for how public companies prepare and disclose their financial statements. IFRS provides general guidance for the preparation of financial statements, rather than setting rules for industry-specific reporting.
Its principal objectives are: to develop a single set of high quality, understandable, enforceable and globally accepted international financial reporting standards (IFRSs) through its standard-setting body, the IASB; to promote the use and rigorous application of those standards; to take account of the financial reporting needs of emerging economies and small and medium-sized entities (SMEs); and to promote and facilitate adoption of IFRSs, being the standards and interpretations issued by the IASB, through the convergence of national accounting standards and IFRSs.
The governance and oversight of the activities undertaken by the IFRS Foundation and its
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