IFRS IMPLEMENTATION “ISSUES AND CHALLENGES FOR INDIA”
1 Associate 2Researsh
Kapoor and 2Jyoti Ruhela*
Professor, Scholar, 1,2Department Commerce & Business Administration, MMH College (CCS University), Ghaziabad, Uttar Pradesh, INDIA. *Corresponding Author : firstname.lastname@example.org
Today is the era of globalization. IFRS is spreading its wings and India is not the exception. In India IFRS is being implemented in phased manner. Till now it has been made mandatory for some specific group of listed companies. Although many countries of the world have been benefitted after implementing IFRS, it is both threat and opportunity for India. Indian companies have various challenges and issues to implement IFRS. The biggest challenge in India is to harmonize IFRS with respect to existing laws and regulations. Proper implementation of IFRS will require substantial amendment in existing laws. The basic objective of this research paper is to trace the real problems regarding IFRS implementation in India and to suggest remedial measures. Keywords : IAS, Indian GAAP, US GAAP, IASB, Fair Values, MCA.
1. INTRODUCTION : CONCEPTUALIZING THE TERM IFRS The full abbreviation of the term “IFRS” is international financial reporting standard (IFRS). IFRS has been developed by International accounting standard board (IASB). As per IASB “IFRS refers to a set of international accounting standard stating how particular type of transactions and other events should be reported in financial statement” or, in other words IFRS refers to guidelines and rules that companies and organizations are required to follow in preparing and presenting their financial statements. Thus, IFRS are the rules, guidelines, standards set by IASB that companies and organizations across the