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IFRS is important considering the need to have globally set standards to have Worldwide adoption of ifrs which avoid discrepancies and conflicts in the accounting framework. In this regard, a need for an internationally accepted accounting standard becomes all the more unavoidable so as to ensure greater accountability and homogeneity in the financial sector and bridge the lacuna that exists in the accounting standards.
IFRS offers many benefits if implemented properly across the world due to its homogeneity and standardization particularly for India which is considered as an economy which is being looked upon globally. Its implementation will maintain positive sentiments of the investors and would also help in strengthening their faith and credibility in the Indian market.
The extent and manner of this varies from country to country. Rather, the objective is to highlight key aspect of IFRS, its basic features, current global scenario from the perspective of adoption, status of implementation in India, its benefits, challenges faced in the implementation and the future roadmap.
They are, in theory, unique to each country. Their purpose is to provide a common and accepted standard for evaluating and comparing the financial status of businesses. With the advent of globalization, the corporate world is expanding and spreading its reach beyond Worldwide adoption of ifrs conquering them at the rate of knots and boundaries have lost their relevance without a doubt.
At this point, it is the need of the hour to have globally set standards in all domains to avoid discrepancies and conflicts across boundaries and have a well- defined, structured policy framework throughout.
Harmonisation of financial reporting is compelling. With the world shrinking at a rapid pace and globalization being the ruling theme, it is the need of the hour to follow homogeneity in the reporting standards in the financial sector so as to ensure ease of comparison, universality, removal of redundancy, comprehensiveness etc.
Similarly, various accounting interpretations which used to be issued earlier were commonly known as SIC issued by Standard Interpretation Committee.
Currently, IASB is the standard setting body. Recently some new standards have also been issued by IASB. IFRSs are standards for reporting financial statements applicable to all the companies under its ambit.
One of the basic features of IFRS is that it is the principle based standard rather than rule based. This will improve internal communication and allow a company to move people to where they are needed. Better ability to predict distributable reserves.
Migration to IFRS will enable the entities to have access to international capital markets. IFRS will overcome this flaw, as it mandates accounting for net assets taken over in a business combination at fair value.
In fact, it will open up a host of opportunities in the service sector. Managing market expectations and educating analysts will therefore be critical. Whether this can be considered for the purpose of computing distributable profits, will have to be debated, in order to ensure that distribution of unrealized profits will not eventually lead to reduction of share capital.
Several recent accounting scams have suggested that there is always a need for transparency in the books of accounts, reflecting the true intention behind carrying on every single transaction by the management.
Since stakeholders or lenders are not directly involved in the functioning of the management, the financial statements can only be the basis of understanding the functioning of a company. Also to ensure greater flexibility, ease and friendly environment for the growth of our companies we need a globally accepted reporting framework so as to ensure greater credibility of the Indian companies on the global podium.
When the accounting year ends on a date other than 31st March, the conversion of the opening Balance Sheet will be made in relation to the first Balance Sheet which is made on date after 31st March.
For companies who did not fall in the above categories were given a choice of voluntary adoption if they wants to disclose their financial statements under IFRS.
Converged Indian Accounting Standards which were to become applicable from the date of implementation. As a result, there is a lull in the IFRS training market. Building capabilities for implementing IFRS is no more a priority for companies because it is difficult to guess when the government will notify the effective dates for the implementation of converged Indian Accounting Standards Ind AS.This study examines the adoption of International Financial Reporting Standards (IFRS) by BEL companies in Belgium.
The research analyses the application of IFRS in the consolidated financial statements of Belgian publicly traded companies. In Belgium, as in several other continental European. The Conceptual Framework International Financial Reporting Standards (IFRS) Explain in some detail the accounting required relating to IFRS and how basis of accounting has changed in many countries from their financial reporting (GAAP).
Jan 14, · IFRS usage worldwide might make the task of security analysts easier, but within both GAAP and IFRS there are still significant differences among companies in the same industry.
That adoption of IFRS will suddenly make accounting differences disappear flies in the face of experience over the last 75 years.
Jul 18, · Thailand defers adoption of IFRS 9 18 Jul While Thailand was scheduled to replace IAS 39 with IFRS 9 from 1 January (one year after the IASB effective date), the Federation of Accounting Professions (FAP) has now decided to postpone the mandatory effective date of the standard in Thailand by one year to Accounting side: IFRS adoption worldwide and no convergence yet • Currently, countries require and 24 permit IFRS for public companies EU.
The IFRS Adoption, Foreign Direct Investments and Migration: Mutual Interdependencies DAVID PROCHÁZKA Department of Financial Accounting and Auditing University of Economics, Prague of the worldwide IFRS adoption and their influence on foreign direct investments will be evaluated.