Ifrs
IFRS in India...
A
Research Report
Submitted for the partial fulfillment of MBA (Sem – III & IV) 2012-13 as a subject
Management Research Project MRP on A Study of the Need &
Adoption of IFRS in India.
Submitted to:
Submitted By
Professor Hardik Shah
Mr. Mukeshkumar Rajmal Jain
&
Roll No. 1414
Dr. Naresh Patel
Center for Management Studies,
Dharmsinh Desai University, Nadiad.
Contents
Page
1. Introduction
Indian Accounting Standards
1
Need for Universal GAAP
4
2. Overview
What is IFRS?
6
Why IFRS?
6
Benefits of Adopting IFRS
7
IFRS Challenges
8
List of IFRS
9
List of IAS
10
3. IFRS and Indian GAAP
12
4. IFRS -A Comparison with Indian GAAP (Detail)
15
Agenda for Discussion
15
General Approach
15
Accounting Policy Change
16
Consolidation Policy
17
Provisions & Contingencies
19
Property, Plant and Equipments
21
Leases
23
Financial Instruments
24
Taxes
26
Business Combinations
28
Areas involving “Choices”
30
5. Presentation / Disclosures Differences
31
Financial Statements
32
Cash flow Statements
34
Events after Balance Sheet
36
Segment Reporting
37
Related Party Transactions
38
Discounted Operations
39
6. Literature Review
40
Global Context
40
Indian Context
43
RESEARCH METHODOLOGY
RATIONALE FOR STUDY:
International Financial Reporting Standards (IFRS) is gaining momentum throughout the world as a single, consistent accounting framework and is positioned to become the pre dominant GAAP in the near future. More than 100 countries have moved to, or base their local standards on IFRS.
Indian Accounting Standards have not kept pace with changes in IFRS.
There are significant differences between IFRS and I-GAAP, because
Indian standards remain sensitive to the legal and economic environment.
The use of different accounting frameworks
A
Research Report
Submitted for the partial fulfillment of MBA (Sem – III & IV) 2012-13 as a subject
Management Research Project MRP on A Study of the Need &
Adoption of IFRS in India.
Submitted to:
Submitted By
Professor Hardik Shah
Mr. Mukeshkumar Rajmal Jain
&
Roll No. 1414
Dr. Naresh Patel
Center for Management Studies,
Dharmsinh Desai University, Nadiad.
Contents
Page
1. Introduction
Indian Accounting Standards
1
Need for Universal GAAP
4
2. Overview
What is IFRS?
6
Why IFRS?
6
Benefits of Adopting IFRS
7
IFRS Challenges
8
List of IFRS
9
List of IAS
10
3. IFRS and Indian GAAP
12
4. IFRS -A Comparison with Indian GAAP (Detail)
15
Agenda for Discussion
15
General Approach
15
Accounting Policy Change
16
Consolidation Policy
17
Provisions & Contingencies
19
Property, Plant and Equipments
21
Leases
23
Financial Instruments
24
Taxes
26
Business Combinations
28
Areas involving “Choices”
30
5. Presentation / Disclosures Differences
31
Financial Statements
32
Cash flow Statements
34
Events after Balance Sheet
36
Segment Reporting
37
Related Party Transactions
38
Discounted Operations
39
6. Literature Review
40
Global Context
40
Indian Context
43
RESEARCH METHODOLOGY
RATIONALE FOR STUDY:
International Financial Reporting Standards (IFRS) is gaining momentum throughout the world as a single, consistent accounting framework and is positioned to become the pre dominant GAAP in the near future. More than 100 countries have moved to, or base their local standards on IFRS.
Indian Accounting Standards have not kept pace with changes in IFRS.
There are significant differences between IFRS and I-GAAP, because
Indian standards remain sensitive to the legal and economic environment.
The use of different accounting frameworks