An Empirical Study on Adoption of IFRS by Indian Companies
Abstract
Institute of Chartered Accountants of India (ICAI) issued a particular set of standards and ideas in order to keep up the consistency with regard to the financial statements of the companies. As economy is changing drastically, it is important for India to implement International Financial Reporting Standards (IFRS). The present study investigates the implementation and adoption of IFRS in India. The study is conducted by collecting data through questionnaires from 35 Chartered Accountants. The study applies paired t-test. Professional bodies have taken numerous initiatives for adoption of IFRS such as conducting educational programs for imparting knowledge and making companies aware. Though, implementing IFRS in the country is not effortless and simple, it involves a lot of cost and understanding of the enforcement procedures. This paper aims at highlighting the importance of IFRS and their implementation in India. Also, the extent to which it has been adopted, and how effective and successful it will be for Indian companies to imply IFRS.References
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