Ifrs

Powerful Essays
IFRS in India...

A
Research Report
Submitted for the partial fulfillment of MBA (Sem – III & IV) 2012-13 as a subject
Management Research Project MRP on A Study of the Need &
Adoption of IFRS in India.
Submitted to:

Submitted By

Professor Hardik Shah

Mr. Mukeshkumar Rajmal Jain

&

Roll No. 1414

Dr. Naresh Patel

Center for Management Studies,
Dharmsinh Desai University, Nadiad.

Contents
Page
1. Introduction
Indian Accounting Standards

1

Need for Universal GAAP

4

2. Overview
What is IFRS?

6

Why IFRS?

6

Benefits of Adopting IFRS

7

IFRS Challenges

8

List of IFRS

9

List of IAS

10

3. IFRS and Indian GAAP

12

4. IFRS -A Comparison with Indian GAAP (Detail)

15

Agenda for Discussion

15

General Approach

15

Accounting Policy Change

16

Consolidation Policy

17

Provisions & Contingencies

19

Property, Plant and Equipments

21

Leases

23

Financial Instruments

24

Taxes

26

Business Combinations

28

Areas involving “Choices”

30

5. Presentation / Disclosures Differences

31

Financial Statements

32

Cash flow Statements

34

Events after Balance Sheet

36

Segment Reporting

37

Related Party Transactions

38

Discounted Operations

39

6. Literature Review

40

Global Context

40

Indian Context

43

RESEARCH METHODOLOGY

RATIONALE FOR STUDY:
International Financial Reporting Standards (IFRS) is gaining momentum throughout the world as a single, consistent accounting framework and is positioned to become the pre dominant GAAP in the near future. More than 100 countries have moved to, or base their local standards on IFRS.
Indian Accounting Standards have not kept pace with changes in IFRS.
There are significant differences between IFRS and I-GAAP, because
Indian standards remain sensitive to the legal and economic environment.
The use of different accounting frameworks

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