Challenges and prospects of International Financial Reporting Standards reporting in India: a Review | Original Article

ABSTRACT:

The implementation of IFRS around the world is occurring rapidly growth and quality improvements of accounting system through a uniform set of standards (IFRS). The Accounting Standards are issued with a view to describe the accounting principles and the methods of applying these principles in the preparation and presentation of financial statements so that they give a true and fair view. International Accounting Standards for worldwide are acceptance and observance so that the accounting standards in different countries are harmonized. The present study is on attempt to gather the previous research work. So far, has been done in the field of IFRS and to represent its critical analysis in a systematic way. The study is based on secondary data and descriptive in nature. In recent years, need for international harmonization of Accounting Standards followed in different countries has grown considerably as the cross-border transfers of capital are becoming increasingly common. IFRSs the primary objective of uniformity and comparability of the financial statements prepared in India with the rest of the countries of globe will be achieved.