This study brings to light the essential need for implementing the International Financial Reporting Standards (IFRS) in Indian Banking Sector to create a robust banking leading to an enhanced economy. While it is estimated that for creating 5 trillion economy which is the target of the Government of India, an economic growth rate of 8 percent is considered necessary. Implementation of IFRS in the Banking Sector of India can empower the commercial banks through greater transparency and reduced Non-Performing Assets. This in turn can help expand commercial banking in India. While trust in the banking sector is essential and is encouraged by the authorities of the Reserve Bank of India, the recent judgment of the High Courts in India made it clear that the money deposited by the Depositors is completely returnable by the banks through the contract of business. This will turn on pressure on the commercial banks to run the banking business effectively and efficiently, and adopting and implementing the IFRS will be in their interests to run the business transparently.
This research has pointed out the necessary parameters and variables to be considered as important by the commercial banks. These variables have been identified as important for a Group Recommender System by calculating the Principal Component Analysis (A Group Recommender System can also use the Singular Value Decomposition (SVD), which is a classical method derived from linear algebra, in this research, it was preferred to work out the PCA, the Principal Component Analysis). Thus, this research is a forerunner for further focused studies that can be expanded in the Indian economy for better and greater insights for the project preparedness of the implementation of IFRS.
Inhaltsverzeichnis (Table of Contents)
- Preface
- Acknowledgements
- Table of Contents
- List of Tables
- List of Charts
- List of Figures
- Abstract
- 1 INTRODUCTORY
- 1.1 Proem
- 1.2 A Brief Legal Background of IFRS In India
- 1.3 The NPA And IFRS
- 1.4 Need And Significance
- 1.5 Statement Of the Problem
- 1.6 Objectives Of the Study
- 1.6 (i) Hypotheses of the Study
- 1.7 Research Methodology
- 1.8 Sources Of Data
- 1.9 Population And Sampling
- 1.10 Limitations Of the Study
- 1.11 Future Research
- 1.12 Denouement
- 2 OVERVIEW OF LITERATURE
- 2.1 Proem
- 2.2 Previous Studies Based on Secondary Sources
- 2.3 Previous Studies Based on Empirical Work
- 2.4 Denouement
- 3 IFRS (International Financial Reporting Standards) - A REVIEW
- 3.1 Proem
- 3.2 The Opportunities Arising Out of IFRS
- 3.3 Challenges of the Transitional Phase
- 3.4 Denouement
- 4 BENEFITS AND CHALLENGES OF IMPLEMENTATION OF INTERNATIONAL FINANCIAL REPORTING STANDARDS
- 4.1 Proem
- 4.2 A Brief Overview of Literature
- 4.3 IFRS: Its Conceptual and Perceived Benefits
- 4.4 IFRS: The Challenges Involved
- 4.5 IFRS Makes Easier Internal Audit Which Is Cost Effective
- 4.6 IFRS Makes Business Risk Management Easier
- 4.7 Denouement
- 5 GROUP RECOMMENDER SYSTEMS AND THE BANKING SECTOR- A BRIEF REVIEW
- 5.1 Proem
- 5.2 Information Overload and Fraudulent Information
- 5.3 Strategies For Group Recommender Systems
- 5.4 Application Of Group Recommender System In The Banking Sector- Data Analysis from An Empirical Study of The Banking Sector in Dumka
- 5.5 Denouement
- 6 FINDINGS OF THE STUDY AND FUTURE RESEARCH WORK
- 6.1 Proem
- 6.2 Perceptions of Bank Employee Respondents
- 6.3 Perceptions of Bank Depositor Respondents
- 6.4 Perceptions of Bank Investor Respondents
- 6.5 Findings of Data Analysis in Brief
- 6.6 Future Research Areas Identified
- 6.7 Denouement
- 7 CONCLUSION
- 7.1 Proem
- 7.2 A Nutshell
- 7.3 A Conceptual Model
- 7.4 Denouement
- 7.4 (i) Benefits Arising Out of The Study for Dumka
Zielsetzung und Themenschwerpunkte (Objectives and Key Themes)
The research aims to analyze the implementation of IFRS in the Indian banking sector, specifically focusing on the banks in Dumka City, Jharkhand. The study investigates the perceived benefits and challenges of implementing IFRS, examines how the stakeholders, particularly depositors, investors, and employees, are affected, and assesses the extent of IFRS usage in the selected banks. The study also explores the benefits for regulators when making decisions about individual accounts and unlisted company groups. Additionally, the study develops a model to reflect the depositors' trust-distrust in the selected banks and tests hypotheses related to the impact of demographic variables on stakeholders' perceptions of IFRS.
- The impact of IFRS adoption in the Indian banking sector.
- The perceived benefits and challenges of IFRS implementation.
- The role of stakeholders (employees, depositors, investors) in the IFRS adoption process.
- The development of a Trust-Distrust Model for evaluating the impact of IFRS on banking systems.
- The potential of Group Recommender Systems (GRS) for improving the understanding and implementation of IFRS.
Zusammenfassung der Kapitel (Chapter Summaries)
The first chapter introduces the research by providing a background on IFRS, highlighting its relevance for the Indian banking sector, and identifying a research gap. The chapter also outlines the research objectives, methodology, data sources, limitations, and future research opportunities. The second chapter delves into the literature, providing a comprehensive review of previous studies on IFRS adoption in India and other countries. It examines the benefits, challenges, and the impact of IFRS on financial reporting quality, comparability, and transparency. The third chapter focuses on IFRS, providing a brief review of its history, opportunities, and challenges. It discusses the potential benefits and challenges of adopting IFRS in the banking sector, particularly in the context of the ongoing pandemic. The fourth chapter provides a detailed analysis of the benefits and challenges of implementing IFRS in the Indian banking sector, using primary data collected through surveys of chartered accountants. The analysis explores the perceived advantages and disadvantages of IFRS adoption, highlighting key areas of concern. The fifth chapter introduces Group Recommender Systems (GRS), explaining how they can be used to personalize recommendations for individual users or groups. The chapter discusses the potential benefits of GRS in the banking sector, particularly in addressing information overload, fraudulent information, and improving customer experience. The sixth chapter presents the empirical findings of the study, analyzing primary data collected from employees, depositors, and investors in Dumka City. The analysis identifies key factors that influence stakeholders' perceptions of IFRS and the implementation of the Group Recommender System. The seventh chapter concludes the thesis, summarizing the key findings, highlighting the contribution of the study to the understanding of IFRS adoption in the Indian banking sector, and suggesting future research areas.
Schlüsselwörter (Keywords)
This research focuses on the implementation of International Financial Reporting Standards (IFRS) in the Indian banking sector, particularly emphasizing the role of stakeholders and utilizing a unique approach based on the Group Recommender System (GRS). The study considers key parameters such as staff adequacy, training strategy, employee benefits, awareness and efficiency, trust-distrust syndrome, and transparency in the banking system. It investigates the impact of IFRS adoption on the banking sector's financial stability, performance, and growth, particularly in light of the increasing prevalence of Non-Performing Assets (NPAs).
- Quote paper
- Dr. Sonika Suman (Author), 2022, International Financial Reporting Standards: An Empirical Study in India, Munich, GRIN Verlag, https://www.grin.com/document/1315686
