The adoption of Indian Accounting Standards (Ind AS), converged with International Financial Reporting Standards (IFRS), represents a transformative shift in India's financial reporting framework. This study follows a descriptive research approach based on secondary data from government reports, academic literature, financial statements, and regulatory publications. It identifies the challenges and opportunities organizations face during the transition from Indian GAAP to Ind AS, addressing complexities in fair value accounting, increased disclosure requirements, and regulatory compliance. The study also understands the stakeholder perceptions, including corporate entities, investors, auditors, and regulatory bodies, assessing their adaptability and the impact on financial decision-making.
Furthermore, the research identifies the institutional support and training programs provided by SEBI, RBI, ICAI, NFRA, and MCA, highlighting their role in ensuring a smooth transition through regulatory frameworks and capacity-building initiatives. Additionally, it explores the long-term effects of IFRS adoption on financial reporting quality, corporate governance, and technological advancements in India. By enhancing financial transparency, global comparability, and investor confidence, Ind AS strengthens India’s integration into international financial markets. The findings provide insights for policymakers, businesses, and financial professionals, aiding in compliance strategies and maximizing the benefits of Ind AS implementation.
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- Radhika P. Y. (Autor), B. Manusree (Autor), N. Yasaswani (Autor), S. Sri Mahitha (Autor), S. Venkata Bhavana (Autor), M. Veera Swamy (Autor), M. Arul Jothi (Autor), 2024, Transformative Effects of IFRS-Converged Ind AS on Financial Reporting in India. Challenges, Opportunities and Stakeholder Insights, Múnich, GRIN Verlag, https://www.grin.com/document/1577597
