IFRS is the official reporting standard and internationally accepted and adopted by more than 100 countries across
the world. Earlier it was known as IAS (International Accounting Standards). The European Union and Australia decided that
public companies would be required to use International Financial Reporting System in the year 2005. New Zealand started
using this in 2007. In the year 2008, the Canadian Accounting Standards Board decided to make IFRS compulsory for all
public companies starting in January 2011. Countries like China, Japan, India, and South Korea have initiated to adapt IFRS
by 2011. The International Financial Reporting Standards (IFRS’s) issued by the International Accounting Standards Board
(IASB) seems to a worldwide consensus surrounding the need for one global set of accounting standards which would make
financial statements comparable across the world. The convergence with IFRS standards is set to change the scenario for
financial reporting in India. IFRS represents the most commonly accepted global accounting standards. With the development
of Indian Economy and increasing integration with the global economies, Indian corporate are raising capital across the
world.. This research article is analysis attempt to examine the need and requirement of the IFRS in the present scenario as
well as to find out the stakeholders and beneficiaries of IFRS in India. |
