Convergence of IFRS in Financial Information: A Review on Indian as well as Foreign Context

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Dr. Gautam Rawat, Dr. Vinod Kumar Joshi, Dr. Jeevan Chandra Upadhyay

Abstract

- IFRS is comprised of standards, interpretations and the framework for preparation and presentation of financial statements. IFRS Convergence has become more popular within the recent years everywhere in the World. Since India now is an important emerging global economy, the Government of India has also agreed to convergence of Indian Accounting Standards with International Financial Reporting Standards. Convergence with IFRS is being achieved through IND-AS which has been mandatorily applicable from the 1st April, 2016 as per the new companies’ act 2013. And, the newer changes will undoubtedly pave a path towards betterment or good influence of the system.


Since then, everywhere one hears a eulogizing statement that IFRS is the only way for the corporates as well as countries to survive and grow. But the extent to which their influence has delivered such rapid, remarkable improvements in the quality of reporting should satisfy any stakeholder. One of the aims of the present study is to gather assorted literatures that reviewed the adoption of IFRS on financial information quality.


From the detailed readings and analysis of articles from Indian as well as foreign context we have inferred that most of the authors feel that implementation, and adoption by IFRS helps in quality enhancing characteristics such are relevance reliability understandability faithful representation in financial statements prepared by companies. This review is done from 2007 to 2022.

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