IFRS

We should hope that they willbe better.....and moreover we willbe linked globely

No doubt it would make comparision easier and work in betterment of preparetion and presentatioon.

 Accounting will be FAIR [highly emphasised] so to say.....

I would really look forward to it. I am quite confident the we Indians will find ingenious methods of using those IFRS to our advantage 

It is a step towards Fair Value Accounting.