Indian Accounting Standards as issued by the Institute of Chartered Accountants of India are more precise and practical, as compared with the International Financial Reporting Standards and International Accounting Standards. There are hardly any amendments made to AS frequently, but for IFRS, it is quite common to come up with hundreds of amendments each and every year. The reporting formats and the rules are more meaningful, understandable and practical in accordance with Indian Standards rather than IFRS. Do you think under these circumstances, we really need IFRS in India?
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Do we really need IFRS in India?
Replies (5)
definitely we require it.. it actually not about India.. it's a global convergence.. by 2011, 150 countries will be reporting under IFrs, so, annual report presentation of those 150 countries will be same.. globally accepted accounting principles ... NOT WE WHOLE WORLD NEED IFRS ... WE SHOULD ACCEPT THE GLOBAL CHANGE.. WE CANT BE SELFISH .
One just needs to look at revenue recognition standard under Indian GAAP and you would realise the importance of bringing Indian reporting standards in par with the global practices. Not to mention standards related to financial instruments , business combinations and other areas where we have very limited guidance under the Indian GAAP.
basic reason beside this harmonisation of global accounting.. as all of us know now a days cross country transaction increased tremendusly
In 2009, cross country deals hv fallen n this is not a reason for introducing IFRS..
India also needs to be in tune with the globally accepted standards and moreover ours is an emerging economy so we shud follow these standards only..
thats why sidhi we are moving towards ifrs
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