| Article Name : | |
| INTERNATIONAL FINANCIAL REPORTING STANDARDS IN INDIAN CONTEXT |
| Author Name : | |
| Pankaj Kumar Tripathi , B.K.Jha |
| Publisher : | |
| Ashok Yakkaldevi |
| Article Series No. : | |
| ISRJ-604 |
| Article URL : | |
 | Author Profile |
| Abstract : | |
| Since physical distance has no mean for the conducting and operating a business in any part of the world due to the process of globalization. Concept of Multinational & Transnational organizations emerged with a number of large sized entities crossing boundaries and entering into different countries for doing business due to reduce in global distance and hence the boundaries are removed between the nations & a number of such companies are also listed at the stock exchanges of various countries. But as when in Britain its important to speak English similar is the case with language of business. Even though boundaries are crossed but each company is following a different set of accounting rules as per prevailing in the parent country. A number of companies turned to the big sized U S market and tried to be listed there but for listing requirements at U S it is very important for companies to convert their accounting standards as per the conditions laid by SEC & FASB even if they are following IAS which is a time and efforts consuming process such problems led to the need of Global Accounting Standards which could be used for global and national listings alike hence comes International Financial Reporting Standards popularly known as IFRSs. This paper gives a brief description of what exactly IFRSs are, why are they required and how they are going to be implemented in India. |
| Keywords : | |
- sec (securities and exchange commission)
- fasb (financial accounting standards board)
- ias (international accounting standards)
- ifrss (international financial reporting standards)
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