The International Accounting Standard Board (IASB) has developed uniform global financial reporting standards which are termed as the ‘International Financial Reporting Standards (IFRS)’.
India today has become an international economic force. To stay as a leader in the international market India opted the changes it need to interface Indian stakeholders', the international stakeholders' and comply with the financial reporting in a language that is understandable to all of them. GAAP and IFRS standards are compared and general differences are noticed in order to understand the need for IFRS.
By implementing IFRS The Investor, The Professionals and The corporate World are getting benefitted as the way accounting information made available to them will be more reliable, relevant, timely and most importantly the information will be comparable across different legal framework. Though there are indefinite benefits, it has some challenges to be faced which every new project faces in the beginning of its implementation.
