Asian Journal of Management

Open Access Open Access  Restricted Access Subscription Access
Open Access Open Access Open Access  Restricted Access Restricted Access Subscription Access

Convergence with IFRS: Benefits and Challenges


Affiliations
1 Srinivas Institute of Management Studies, Pandeshwar, Mangalore, India
2 Dept. of Business Administration, VSK University, Bellary, India
     

   Subscribe/Renew Journal


International Financial Reporting Standards (IFRS) previously known as International Accounting Standards (IAS) are standards and interpretations adopted by the International Accounting Standards Board (IASB). IASB adopted IAS in April 2001, and renamed it as IFRS. IFRS are 'principle-based' standards rather than 'rule-based' standards that are currently followed. The Indian companies have to shape up their models and strategies in order to comply with the IFRS roadmap. This research paper attempts to highlight the benefits, challenges current preparation for convergence to IFRS. India will enjoy numerous benefits by joining the ranks of a 100-plus group of nations that have successfully implemented IFRS like the European Union, Australia, Singapore, Sri Lanka and others.

Keywords

International Financial Reporting Standards (IFRS), Convergence, Implementation, Challenges, Accounting Standards Board (IASB).
Subscription Login to verify subscription
User
Notifications
Font Size


  • Armstrong S, Christopher Barth, Mary E, Jagolinzer D, Alan Riedl and Edward J. Market Reaction to the adoption of IFRS in Europe.

  • The Accounting Review. 85 (1) 2010: 31-61. Beaver W H. Financial Reporting: An Accounting Revolution. New Jersey:Prentice-Hall Contemporary Topics in Accounting Series.1981

  • Biondi Yuri and Zhang Qiusheng. Accounting for the Chinese context: a comparative analysis of international and Chinese accounting standards focusing on business combinations. Socio-Economic Review. 5(4) 2007:695-724.

  • Cai Francis and Wong Hannah. The Effect of IFRS Adoption On Global Market Integration. International Business & Economics Research Journal. 9 (10) 2010: 25-34.

  • Elad Charles. Fair value accounting and fair trade: an analysis of the role of International Accounting Standard No. 41 in Social Conflict. Socio-Economic Review. 5(4) 2007: 755-777.

  • Gallhofer Sonja and Haslam Jim. Exploring social, political and economic dimensions of accounting in the global context: the International Accounting Standards Board and accounting disaggregation. Socio-Economic Review. 5 (4) 2007:633-664.

  • Robb Alan and Newberry Susan. Globalization: governmental accounting and International Financial Reporting Standards. Socio-Economic Review. 5(4) 2007: 725-754.

  • Siqi Li. Does Mandatory Adoption of International Financial Reporting Standards in the European Union Reduce the cost of Equity Capital. The Accounting Review. 85 (2) 2010: 607-636.

  • Volmer B Philipp, Werner Jorg Richard and Zimmermann Jochen. New governance modes for Germany's financial reporting system: another retreat of the nation state?. Socio-Economic Review. 5(4) 2007: 437-465.

  • IFRS Foundation. The move towards global standards. Available at http://www.ifrs.org/Use+around+the+world/Use+around+the+wo rld.htm.Accessed on 7/02/2012.


Abstract Views: 487

PDF Views: 2




  • Convergence with IFRS: Benefits and Challenges

Abstract Views: 487  |  PDF Views: 2

Authors

Jyothi Dsouza Janet
Srinivas Institute of Management Studies, Pandeshwar, Mangalore, India
K. S. Ravinarayana
Dept. of Business Administration, VSK University, Bellary, India

Abstract


International Financial Reporting Standards (IFRS) previously known as International Accounting Standards (IAS) are standards and interpretations adopted by the International Accounting Standards Board (IASB). IASB adopted IAS in April 2001, and renamed it as IFRS. IFRS are 'principle-based' standards rather than 'rule-based' standards that are currently followed. The Indian companies have to shape up their models and strategies in order to comply with the IFRS roadmap. This research paper attempts to highlight the benefits, challenges current preparation for convergence to IFRS. India will enjoy numerous benefits by joining the ranks of a 100-plus group of nations that have successfully implemented IFRS like the European Union, Australia, Singapore, Sri Lanka and others.

Keywords


International Financial Reporting Standards (IFRS), Convergence, Implementation, Challenges, Accounting Standards Board (IASB).

References