EMERGING OPPORTUNITIES, PROBLEMS & CHALLENGES IN ADOPTING IFRS IN INDIA

Abstract

It is documented that corporations everywhere the globe became additional and more internationally orienting throughout previous few decades. They produce fusion, create investment, conduct trade and co-operate over country borders. International Financial Reporting Standards (IFRS) is turning into the worldwide language of business with over 400th of the globe having enraptured to IFRS within the past few years. IFRS are issued by the International Accounting Standards Board (IASB) are increasingly as a result of recognized as the Global Financial Reporting Standards. By 2018, it's expected that each one companies in major markets are going to be exploitation IFRS. India has free from doubt to assume the IFRS by April 2001. In India, the ICAI formulates the Accounting standards on distinct issues. But as a result of last few years, the aim has been following the IFRS to the extent possible. Henceforth, interruption issuing accounting standards, IFRS wish to be adopted suitably. However, deviations from IFRS have been noted what is coming to one to some all locked up reasons like legal and governmental requirements, across the counter environment, candidly of groundwork, conceptual differences etc. This study investigates the Opportunities, Problems & challenges that face implementing of International Financial Reporting Standards (IFRS) in India