Adoption of international financial reporting standards(IFRS) in accounting curriculum in India

Abstract

With the possibility of trading beyond the domestic territories, it has become indispensable for the companies, especially export firms to replace their domestic accounting standards with International Financial Reporting Standards (IFRS), India is not an exception. With the conversion of rules-based on a principal-based set of accounting standards, it has become essential for both the education planners and educators to incorporate IFRS in the curriculum. The present study is an attempt to examine the impact of extent of introducing IFRS in accounting curriculum and its learning outcome. The findings of the research study reveal that though the knowledge of IFRS is essential to use in business terminology for both accounting and non-accounting operations and present a valuable contribution in the existing field of accounting curriculum but the success is purely dependable on efficient training of instructors and interest of stakeholders concerned.