Convergence of IFRS and its Impact in India

Globalization has set out a path for every one of the nations to embrace single set of accounting standards. Late years have seen significant changes in financial reporting worldwide under which the clearest is the proceeding with selection of IFRS around the world. IFRS remains for Worldwide Monetary Announcing Models, which are drafted and issued by a body called International Accounting Standards Board (IASB). European Association was shaped in 1993. In 2002 The European Unions (EU) received enactment requiring every recorded organization to set up their combined money related proclamations utilizing IFRS beginning in 2005, turning into the principal real capital market to require IFRS. Joining with IFRS will enhance similarity of monetary data and financial performance with worldwide companions and industry models. In excess of 130 nations have met or perceived the arrangement of combination with the IFRS. A forthcoming economy on world economic map, India, as well, chose to combine to International Financial Reporting Standards (IFRS). In India, ICAI has chosen to receive the IFRS by April 2011 yet at the same time there is no development in the execution of IFRS. This paper examines the procedural parts of selection of IFRS in India, the advantages if reception and the issues and difficulties looked by the stakeholders and its effect on India.