MC

Current Trends in Science and Technology

an Open Access Publication ISSN: 0976-9730 | 0976-9498

Management and Economics

International Financial Reporting Standards

Habeeb Tabassum
Faculty - St Joseph’s Degree College (Affiliated to Osmania University)
Online First: January 10, 2018
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Abstract

Economic, trading, political and social process due to globalization leading to convergence. Globalization lead  to all the countries to adopt single set of accounting standards. The main aspect in continuing adoption of  IFRS worldwide is there seen major changes in financial reporting worldwide.  Later India too decided to converge to IFRS (International financial reporting standards), i.e. use of (IFRS) International financial reporting standards As a generally accepted accounting principles (GAAP) by domestic unlisted and listed companies in their financial statements for financial reporting. Majority of countries have converged the police of convergence of International financial reporting standards (IFRS). In India ICAI has decided to adopt International Financial Reporting Standards (IFRS) by April 2011.we took balance sheet and financial statements and analyzed by taking primary pre-requisite and considering the formulas taken from the balance sheet of the company and which was suitable for International financial reporting standards (IFRS), after analyzing balance sheets we generated the result in the face of graphs. At final stage we can conclude, by doing this project that India should take necessary measures for mandating IFRS in India as highly as possible.

Keyword : (1) IFRS (2) Convergence Of IFRS (3) Adoption of IFRS, (4) Impact Of IFRS

  Submitted
Jan 10, 2018
Published
Jan 10, 2018
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