INTERNATIONAL FINANCIAL REPOTING STANDARDS & IT’S CONVERGENCE IN INDIA

INTERNATIONAL FINANCIAL REPOTING STANDARDS & IT’S CONVERGENCE IN INDIA

1.      Faiz Rizvi 2. Dr. Thanga Prashath 3. Vivek Kumar

MBA, NIMS University Jaipur

Associate Professor, NIMS University, Jaipur

1. faizrizvi821@gmail.com 2. R.prashath@nimsuniversity.org

 3. Imvivek124@gmail.com

Abstract: In order to improve financial statemet comparability, accountability, and transparency, the adoption and convergence of International Financial Reporting Standards (IFRS) have become essential components of financial reporting on a global scale. This study examines the development and effects of IFRS convergence in India, focusing on the corporate, regulatory, and financial ecosystem consequences. Financial reporting procedures have undergone major changes as a result of the gradual implementation of the Indian Accounting Standards (Ind AS), which are convergent with IFRS, across a number of sectors. The present study scrutinizes the advantages of implementing IFRS, such as enhanced investor trust and global comparability, in conjunction with the obstacles encountered by Indian enterprises, such as escalated compliance expenses and the intricacy of novel standards. The study also explores the role regulatory organizations play in promoting the convergence process, including the Securities and Exchange Board of India (SEBI) and the Institute of Chartered Accountants of India (ICAI). This study offers insights into the efficacy of IFRS convergence in India by a thorough analysis of the body of research, case studies, and empirical data. It highlights significant areas of success as well as persistent challenges. The results indicate that although convergence has helped India's standing in the international financial sphere, ongoing work is still needed to resolve implementation problems and guarantee the smooth adoption of IFRS in the Indian setting.

Keywords: Finance, Financial Report, IFRS.