IFRS and Indian Accounting Standard: A Comparative Study.

      Аннотация: Uniform accounting standard for reporting financial statement is required when any company establishes its businesses outside the country of origin for accessing the global markets. Based on this need, an International Financial Reporting Standard was developed. When a company switches over from local GAAP to IFRS, they have to modify their accounting system and prepare comparative financial information between their previous GAAP and new IFRS. In India, after globalization, a number of companies listed their securities on the stock exchanges outside India. At that point, there was a requirement to prepare a financial statement as per the global language. On the basis of this requirement, in 2010, Ministry of Corporate Affairs officially announced the date of IFRS adoption in India for the first time. The motivation behind this paper is to make a parallel comparison and evaluate the impact of IFRS quantitative factors of financial report prepared by Indian companies under IFRS and Indian GAAP simultaneously.

Ключевые слова: IFRS IGAAP, Financial Statement, Comparison