INDIAN ACCOUNTING STANDARDS AND THE TRANSITION TO IFRS

The purpose of the paper is to evaluate the benefits of convergence of Indian Accounting Standards with International Financial Reporting Standards. The scope of this paper is to (1) evaluate and summarize the major differences between the International standards and Indian's standards and comparison of the differences, and (2) to determine if those differences are significant enough to conclude whether India as a country would benefit or be negatively impacted by the implementation of them. The research methodology is based on secondary data found in journals, periodicals, magazines, books, and websites. The Findings show that convergence of Indian standards with IFRs has both positive and negative benefits, but the positive benefits are greater than the negatives. The Conclusion and Recommendations of this research are that despite social, cultural, and political barriers that exist, India would benefit financially and economically from implementing international reporting standards. Recommendations for further study include (1) determining the effectiveness of India's implementation of the standards, and (2) evaluate the importance of implementing the international standards, and the benefits to experience by allowing proper comparison of financial statements with other entities.