International Financial Reporting Standards: The Roadmap Ahead

Abstract

Trust and transparency led to a discussion of the fundamental purpose of financial reporting. Consistent,  comparable and understandable financial information is the lifeblood of commerce and making investment. In  India the Institute of Chartered Accountants of India (ICAI) has decided to adapt IFRS for accounting periods  commencing on or after April1, 2011. This paper deals with the issues and Challenges faced in the process of  convergence in Indian perspective and measures taken to address the challenges.