Ind-AS Enforcement in India: An Assessment of Readiness, Benefits and Key Challenges

Abstract

This study endeavours to recognize the preparedness, advantages and pitfalls associated with International Financial Reporting Standards (IFRS) enforcement in India. The data have been complied using purposive sampling technique from 75 accounting individuals from diverse corporate sectors of India, and the research findings of the article convey that the whole accounting community is extremely positive about the advantages related to IFRS enforcement, but they too considered challenges a major roadblock towards smooth implementation. There are few studies available reporting the readiness towards this high-quality international accounting standards in India, which intrigued the authors to evaluate the readiness level in the country regarding IFRS-based Ind-AS. The current accounting system in India calls for extensive training in terms of IFRS technicalities, seminars and workshops on a large scale should be embarked upon by all educational institutions, accounting regulatory bodies, accounting professional organizations such as ICAI, KPMG and other accounting experts to impart and share knowledge about IFRS for a smooth enforcement of IFRS.

Convergence Of Ind AS: Challenges and Benefits in Implication of Accounting Standards

“…Till now 120 countries have adopted IFRS (Srivatava & Kulshrestha, 2021) or IFRS convergence according to their country and are expecting implementation to bring progress and benefit in the upcoming years in a wide range of easy and understandable financial statements to investors worldwide (Raval, 2017). Also, elimination of the multiple reporting in large firms which includes high quality and acceptable by the foreign investors.…”