RELEVANCE OF IFRS IN INDIA

In this present era of globalization boundaries are merely lines for businesses and organization, Now a business of America is operating from India and producing in China and is selling all over the world and in all this we can't forget the need of accounting and operation control of the business organization, it becomes very difficult for these multinational companies to compare themselves with other companies of the same cadre, not only this their taxation and other components varies among varies countries. Since India is becoming a hub for the new companies to flourish it becomes equally important for India to have accounting standards that are known all over the world. At present time India follows Indian accounting standards (abbreviated as Ind AS) but since India is increasing its presence globally each and everyday, eventually it will become difficult for the companies entering India to understand these local standards. This research paper tries to find out the basic reasons that why India should follow IFRS. This research paper is basically a deep study of advantages of IFRS with context to upcoming strongest economy of the map “INDIA”