Explication For Abridging Financial Ad Reporting In India An Exchange Of IFRS With Ind As
Abstract
There is a need for proper guidance and clear instruction as far as the financial reporting by companies in India is concerned. Unswerving unfailing and uniform financial reporting is very critical for achieving a good corporate governance performance worldwide. In order to enhance the integrity of the businesses in the eyes of investors, it has become imperative to implement global standards for financial reporting. Earlier IFRS and now Ind AS has only one objective i.e. to bring a one-time prospect to expansively reconsider financial reporting and get a clear approach to financial policies and processes. With the same objective, this paper aims at clarifying the concept of Ind AS to make it easily acceptable by all the organizations in India. At the same time, many issues have been discussed as to know the impact of announcement of Ind AS by Ministry of Corporate Affairs to replace IFRS in India. This research will also help the corporates, who have already implemented IFRS to their Financial Statements, to understand.The challenge is for those who vet need to understand and implement IFRS or IndAS for that matter. Thus, an attempt has been made to discuss major differences between Ind AS and IFRS and the implication of the same on financial reporting by companies in India.
Authors
Ritu Wadhwa