Implications of Convergence to IFRS on Financial Statement

Journal Name: 
Journal of Accounting and Finance
Vol. 27 - No. 1
Author Name Designation Organization
Shobana Swamynathan

In the present era of globalization a number of multinational companies are establishing their businesses in emerging economies and are  increasingly accessing the global markets to fulfill their capital needs by getting their securities listed on the stock exchanges outside  their own country. Such environment requires uniform accounting standards for global business. To deal with such issues, one global  accounting standard for reporting financial statement i.e. IFRS was developed. During the switch over phase from local GAAP to IFRS  companies will have to modify their accounting system and processes as well as provide comparative financial information between their  previous GAAP and their new IFRS compliant report. This article examines the implications of convergence to IFRS from Indian GAAP on financial statement