Journal of Commerce and Accounting Research

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Accounting Standards in India: Adoption of IFRS


Affiliations
1 Department of Commerce, Osmania University College for Women, Andhra Pradesh., India
2 Department of Commerce, Osmanina University College for Women, Andhra Pradesh., India
     

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Adoption of IFRS means the use of the International Financial Reporting Standards as the primary GAAP by the domestic listed and unlisted companies in their consolidated Financial Statements for the external Financial Reporting. This means that the basis of the presentation note and auditor's report indicate that the Financial Statements are prepared on the basis of IFRSs. In this context, it becomes necessary to make an analysis of the adoption of IFRS in India. The Study is based on secondary data which include journals, websites, books and periodicals. The scope of the study includes phase-wise and sector-wise implementation of IFRS in India. For sector-wise analysis, BSE&NSE companies are taken. IFRS will provide a chance to India to integrate with the common Accounting International Standards which will save the cost which has to be incurred by MNC's and internationally listed corporate for maintaining dual accounting and reporting system.

Keywords

IFRS, GAAP, NSE, BSE
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  • www.bseindia.com

  • www.nseindia.com

  • www.ifrs.com

  • www.bdoindia.co.in

  • www.gaapeducation.com


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  • Accounting Standards in India: Adoption of IFRS

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Authors

Prashanta Athma
Department of Commerce, Osmania University College for Women, Andhra Pradesh., India
N. Rajyalaxmi
Department of Commerce, Osmanina University College for Women, Andhra Pradesh., India

Abstract


Adoption of IFRS means the use of the International Financial Reporting Standards as the primary GAAP by the domestic listed and unlisted companies in their consolidated Financial Statements for the external Financial Reporting. This means that the basis of the presentation note and auditor's report indicate that the Financial Statements are prepared on the basis of IFRSs. In this context, it becomes necessary to make an analysis of the adoption of IFRS in India. The Study is based on secondary data which include journals, websites, books and periodicals. The scope of the study includes phase-wise and sector-wise implementation of IFRS in India. For sector-wise analysis, BSE&NSE companies are taken. IFRS will provide a chance to India to integrate with the common Accounting International Standards which will save the cost which has to be incurred by MNC's and internationally listed corporate for maintaining dual accounting and reporting system.

Keywords


IFRS, GAAP, NSE, BSE

References