Implementation of IFRS as Indian Accounting Standard for Similarity in Financial Reporting in India: Challenges & Benefits

Ram Singh; Santosh Kumar Srivastava

doi:doi:10.11648/j.ajtab.20190504.12

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Implementation of IFRS as Indian Accounting Standard for Similarity in Financial Reporting in India: Challenges & Benefits

Ram Singh, Santosh Kumar Srivastava

Published in American Journal of Theoretical and Applied Business (Volume 5, Issue 4)

Received: 3 September 2019 Accepted: 30 September 2019 Published: 17 October 2019

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Abstract

International Financial Reporting Standards (IFRS) are issued by the International Accounting Standards Board (IASB), a committee of14 memberswho are from nine different countries work together to develop global accounting standards. At present, there are two sets of accounting standards that Generally Accepted Accounting Principles (GAAP), USA based and International Financial Reporting Standards (IFRS) have been issued by International Accounting Standards Board (IASB), London based. Generally Accepted Accounting Principles (GAAP) arevery different in nature but based on a few basic principles of GAAP rules.India also set up its own accounting standard namely Indian Accounting Standard (Ind-AS) from April, 2015to fulfilling all the requirement of IFRS in the country for matching the gap between IFRS and Indian accounting standards. This study is based on secondary data tries to investigate the benefits & challenges of IFRS application from which India can draw a lesson towards implementation of IFRS, converged Ind-AS and recommends must do reflections for a successful takeover. It highlights main benefits of IFRS adoption to include; enhanced transparency & comparability; improved quality of accounting information; reduced cost of processing information; augmented cross border investments & acquisitions; substantiated economic growth and financial stability. It recommends to the countriesvarious prerequisites are necessary for effective application and conformance with IFRS to store full benefits.This paper also presents a literature about the benefits of adoption of IFRS and related implementation challenges, reflects for successful application of converged Indian Accounting Standards (Ind-AS). Finally the paper presents the significance of IFRS and challenges for implementation.

Published in	American Journal of Theoretical and Applied Business (Volume 5, Issue 4)
DOI	10.11648/j.ajtab.20190504.12
Page(s)	90-96
Creative Commons	This is an Open Access article, distributed under the terms of the Creative Commons Attribution 4.0 International License (http://creativecommons.org/licenses/by/4.0/), which permits unrestricted use, distribution and reproduction in any medium or format, provided the original work is properly cited.
Copyright	Copyright © The Author(s), 2019. Published by Science Publishing Group

Keywords

IFRS, GAAP, IASB, Ind-AS, ASB

References

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Ram Singh, Santosh Kumar Srivastava. (2019). Implementation of IFRS as Indian Accounting Standard for Similarity in Financial Reporting in India: Challenges & Benefits. American Journal of Theoretical and Applied Business, 5(4), 90-96. https://doi.org/10.11648/j.ajtab.20190504.12

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ACS Style

Ram Singh; Santosh Kumar Srivastava. Implementation of IFRS as Indian Accounting Standard for Similarity in Financial Reporting in India: Challenges & Benefits. Am. J. Theor. Appl. Bus. 2019, 5(4), 90-96. doi: 10.11648/j.ajtab.20190504.12

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AMA Style

Ram Singh, Santosh Kumar Srivastava. Implementation of IFRS as Indian Accounting Standard for Similarity in Financial Reporting in India: Challenges & Benefits. Am J Theor Appl Bus. 2019;5(4):90-96. doi: 10.11648/j.ajtab.20190504.12

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@article{10.11648/j.ajtab.20190504.12,
  author = {Ram Singh and Santosh Kumar Srivastava},
  title = {Implementation of IFRS as Indian Accounting Standard for Similarity in Financial Reporting in India: Challenges & Benefits},
  journal = {American Journal of Theoretical and Applied Business},
  volume = {5},
  number = {4},
  pages = {90-96},
  doi = {10.11648/j.ajtab.20190504.12},
  url = {https://doi.org/10.11648/j.ajtab.20190504.12},
  eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.ajtab.20190504.12},
  abstract = {International Financial Reporting Standards (IFRS) are issued by the International Accounting Standards Board (IASB), a committee of14 memberswho are from nine different countries work together to develop global accounting standards. At present, there are two sets of accounting standards that Generally Accepted Accounting Principles (GAAP), USA based and International Financial Reporting Standards (IFRS) have been issued by International Accounting Standards Board (IASB), London based. Generally Accepted Accounting Principles (GAAP) arevery different in nature but based on a few basic principles of GAAP rules.India also set up its own accounting standard namely Indian Accounting Standard (Ind-AS) from April, 2015to fulfilling all the requirement of IFRS in the country for matching the gap between IFRS and Indian accounting standards. This study is based on secondary data tries to investigate the benefits & challenges of IFRS application from which India can draw a lesson towards implementation of IFRS, converged Ind-AS and recommends must do reflections for a successful takeover. It highlights main benefits of IFRS adoption to include; enhanced transparency & comparability; improved quality of accounting information; reduced cost of processing information; augmented cross border investments & acquisitions; substantiated economic growth and financial stability. It recommends to the countriesvarious prerequisites are necessary for effective application and conformance with IFRS to store full benefits.This paper also presents a literature about the benefits of adoption of IFRS and related implementation challenges, reflects for successful application of converged Indian Accounting Standards (Ind-AS). Finally the paper presents the significance of IFRS and challenges for implementation.},
 year = {2019}
}

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TY  - JOUR
T1  - Implementation of IFRS as Indian Accounting Standard for Similarity in Financial Reporting in India: Challenges & Benefits
AU  - Ram Singh
AU  - Santosh Kumar Srivastava
Y1  - 2019/10/17
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N1  - https://doi.org/10.11648/j.ajtab.20190504.12
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T2  - American Journal of Theoretical and Applied Business
JF  - American Journal of Theoretical and Applied Business
JO  - American Journal of Theoretical and Applied Business
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EP  - 96
PB  - Science Publishing Group
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UR  - https://doi.org/10.11648/j.ajtab.20190504.12
AB  - International Financial Reporting Standards (IFRS) are issued by the International Accounting Standards Board (IASB), a committee of14 memberswho are from nine different countries work together to develop global accounting standards. At present, there are two sets of accounting standards that Generally Accepted Accounting Principles (GAAP), USA based and International Financial Reporting Standards (IFRS) have been issued by International Accounting Standards Board (IASB), London based. Generally Accepted Accounting Principles (GAAP) arevery different in nature but based on a few basic principles of GAAP rules.India also set up its own accounting standard namely Indian Accounting Standard (Ind-AS) from April, 2015to fulfilling all the requirement of IFRS in the country for matching the gap between IFRS and Indian accounting standards. This study is based on secondary data tries to investigate the benefits & challenges of IFRS application from which India can draw a lesson towards implementation of IFRS, converged Ind-AS and recommends must do reflections for a successful takeover. It highlights main benefits of IFRS adoption to include; enhanced transparency & comparability; improved quality of accounting information; reduced cost of processing information; augmented cross border investments & acquisitions; substantiated economic growth and financial stability. It recommends to the countriesvarious prerequisites are necessary for effective application and conformance with IFRS to store full benefits.This paper also presents a literature about the benefits of adoption of IFRS and related implementation challenges, reflects for successful application of converged Indian Accounting Standards (Ind-AS). Finally the paper presents the significance of IFRS and challenges for implementation.
VL  - 5
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Author Information

Ram Singh

School of Business & Management, Quantum University, Roorkee, India
Santosh Kumar Srivastava

School of Commerce, HNB Garhwal Central University, Garhwal, India

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APA Style

Ram Singh, Santosh Kumar Srivastava. (2019). Implementation of IFRS as Indian Accounting Standard for Similarity in Financial Reporting in India: Challenges & Benefits. American Journal of Theoretical and Applied Business, 5(4), 90-96. https://doi.org/10.11648/j.ajtab.20190504.12

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ACS Style

Ram Singh; Santosh Kumar Srivastava. Implementation of IFRS as Indian Accounting Standard for Similarity in Financial Reporting in India: Challenges & Benefits. Am. J. Theor. Appl. Bus. 2019, 5(4), 90-96. doi: 10.11648/j.ajtab.20190504.12

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AMA Style

Ram Singh, Santosh Kumar Srivastava. Implementation of IFRS as Indian Accounting Standard for Similarity in Financial Reporting in India: Challenges & Benefits. Am J Theor Appl Bus. 2019;5(4):90-96. doi: 10.11648/j.ajtab.20190504.12

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@article{10.11648/j.ajtab.20190504.12,
  author = {Ram Singh and Santosh Kumar Srivastava},
  title = {Implementation of IFRS as Indian Accounting Standard for Similarity in Financial Reporting in India: Challenges & Benefits},
  journal = {American Journal of Theoretical and Applied Business},
  volume = {5},
  number = {4},
  pages = {90-96},
  doi = {10.11648/j.ajtab.20190504.12},
  url = {https://doi.org/10.11648/j.ajtab.20190504.12},
  eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.ajtab.20190504.12},
  abstract = {International Financial Reporting Standards (IFRS) are issued by the International Accounting Standards Board (IASB), a committee of14 memberswho are from nine different countries work together to develop global accounting standards. At present, there are two sets of accounting standards that Generally Accepted Accounting Principles (GAAP), USA based and International Financial Reporting Standards (IFRS) have been issued by International Accounting Standards Board (IASB), London based. Generally Accepted Accounting Principles (GAAP) arevery different in nature but based on a few basic principles of GAAP rules.India also set up its own accounting standard namely Indian Accounting Standard (Ind-AS) from April, 2015to fulfilling all the requirement of IFRS in the country for matching the gap between IFRS and Indian accounting standards. This study is based on secondary data tries to investigate the benefits & challenges of IFRS application from which India can draw a lesson towards implementation of IFRS, converged Ind-AS and recommends must do reflections for a successful takeover. It highlights main benefits of IFRS adoption to include; enhanced transparency & comparability; improved quality of accounting information; reduced cost of processing information; augmented cross border investments & acquisitions; substantiated economic growth and financial stability. It recommends to the countriesvarious prerequisites are necessary for effective application and conformance with IFRS to store full benefits.This paper also presents a literature about the benefits of adoption of IFRS and related implementation challenges, reflects for successful application of converged Indian Accounting Standards (Ind-AS). Finally the paper presents the significance of IFRS and challenges for implementation.},
 year = {2019}
}

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TY  - JOUR
T1  - Implementation of IFRS as Indian Accounting Standard for Similarity in Financial Reporting in India: Challenges & Benefits
AU  - Ram Singh
AU  - Santosh Kumar Srivastava
Y1  - 2019/10/17
PY  - 2019
N1  - https://doi.org/10.11648/j.ajtab.20190504.12
DO  - 10.11648/j.ajtab.20190504.12
T2  - American Journal of Theoretical and Applied Business
JF  - American Journal of Theoretical and Applied Business
JO  - American Journal of Theoretical and Applied Business
SP  - 90
EP  - 96
PB  - Science Publishing Group
SN  - 2469-7842
UR  - https://doi.org/10.11648/j.ajtab.20190504.12
AB  - International Financial Reporting Standards (IFRS) are issued by the International Accounting Standards Board (IASB), a committee of14 memberswho are from nine different countries work together to develop global accounting standards. At present, there are two sets of accounting standards that Generally Accepted Accounting Principles (GAAP), USA based and International Financial Reporting Standards (IFRS) have been issued by International Accounting Standards Board (IASB), London based. Generally Accepted Accounting Principles (GAAP) arevery different in nature but based on a few basic principles of GAAP rules.India also set up its own accounting standard namely Indian Accounting Standard (Ind-AS) from April, 2015to fulfilling all the requirement of IFRS in the country for matching the gap between IFRS and Indian accounting standards. This study is based on secondary data tries to investigate the benefits & challenges of IFRS application from which India can draw a lesson towards implementation of IFRS, converged Ind-AS and recommends must do reflections for a successful takeover. It highlights main benefits of IFRS adoption to include; enhanced transparency & comparability; improved quality of accounting information; reduced cost of processing information; augmented cross border investments & acquisitions; substantiated economic growth and financial stability. It recommends to the countriesvarious prerequisites are necessary for effective application and conformance with IFRS to store full benefits.This paper also presents a literature about the benefits of adoption of IFRS and related implementation challenges, reflects for successful application of converged Indian Accounting Standards (Ind-AS). Finally the paper presents the significance of IFRS and challenges for implementation.
VL  - 5
IS  - 4
ER  -

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