Volume No. :   5

Issue No. :  3

Year :  2014

ISSN Print :  0976-495X

ISSN Online :  2321-5763


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Convergence with IFRS: Benefits and Challenges

Address:   Janet Jyothi Dsouza1, Ravinarayana K.S. 2*
1Assistant Professor, Srinivas Institute of Management Studies, Pandeshwar, Mangalore
2Assistant Professor, Dept. of Business Administration, VSK University, Bellary
*Corresponding Author

International Financial Reporting Standards (IFRS) previously known as International Accounting Standards (IAS) are standards and interpretations adopted by the International Accounting Standards Board (IASB). IASB adopted IAS in April 2001, and renamed it as IFRS. IFRS are ‘principle-based’ standards rather than ‘rule-based’ standards that are currently followed. The Indian companies have to shape up their models and strategies in order to comply with the IFRS roadmap. This research paper attempts to highlight the benefits, challenges current preparation for convergence to IFRS. India will enjoy numerous benefits by joining the ranks of a 100-plus group of nations that have successfully implemented IFRS like the European Union, Australia, Singapore, Sri Lanka and others.
International Financial Reporting Standards (IFRS), convergence, implementation, challenges, Accounting Standards Board (IASB).
Janet Jyothi Dsouza, Ravinarayana K.S. Convergence with IFRS: Benefits and Challenges. Asian J. Management 5(3): July-September, 2014 page 293-296.
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