A STUDY ON IMPLEMENTATION AND APPLICATIONS OF IFRS IN INDIA

A set of rich value and quality accounting standards related to financial reporting are required worldwide in order to operate businesses successfully. Conversion to IFRS offers entities a number of important potential benefits. Notwithstanding its benefits, the transition to IFRS will be challenging. It is therefore imperative to assess the impact of IFRS and immediately embark upon taking the steps to towards convergence plan and positive and pro-active approach from all the stakeholders – the regulators, the ICAI, the profession and the industry. Therefore, an attempt to throw light on key challenges embedded with conversion to IFRS is made through this research paper. The paper also describes the ways and strategies to convert challenges of conversion to IFRS into opportunities for the Indian entities.