000 02184nam a2200205 4500
999 _c49738
_d49738
003 OSt
005 20180509175559.0
008 180509b ||||| |||| 00| 0 eng d
100 _aAthma, Prashanta
_931412
245 _aIFRS in India: Financial Implications in Select Companies.
300 _a7-22 p.
520 _aInternational Financial Reporting Standards (IFRS) set by the International Accounting Standards Board (IASB) are adopted by the companies for the preparation of the financial statements. This ensures easy understanding and facilitates comparability of the financial statements of different enterprises of different countries and provides relevant and meaningful information to the various users of the financial statements. In India, the new set of standards which have been converged with IFRS is known as Indian Accounting Standards or Ind AS and will be implemented in India in a phased out manner (Phase 1, 2 and 3) as have been notified by the Ministry of Corporate Affairs on February 25, 2011. The recent announcement made by the Finance Minister in the year 2015 made it mandatory for all the listed companies either to adopt IFRS or converge with effect from the accounting year 2016-17. IFRS is recommended for adoption with several benefits in mind and some of the companies have already adopted new standards and have started reporting accordingly. In this context, the present paper presents an overview of double adoption of IFRS globally by the significant trade forums and the Indian companies which are voluntarily adopting IFRS. It also analyzes the financial implications of adoption of IFRS by the select companies in India. The study is based on secondary data, and Gray comparability index, t-test and F-test are employed for analyzing the data. [ABSTRACT FROM AUTHOR]
653 _aInternational financial reporting standards
653 _aInternational Accounting Standards Board
653 _aFinancial statements
653 _aComparability (Accounting)
700 _aBhavani, O
_931413
773 0 _030412
_970148
_aMURTHY, E N
_dIUP PUBLICATION HYDERABAD
_o5558572
_tACCOUNTING RESEARCH & AUDIT PRACTICES
942 _2ddc
_cJA-ARTICLE