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2019•SSRN Electronic JournalOpen access

The Impact of Transition to Ind as on Key Accounting Areas: An Assessment

Kshema Shrivastava, D. D. Bedia

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Abstract

In the scenario of economic and financial globalization where the countries around the world are moving towards adoption of International Financial Reporting Standards (IFRS) as their financial reporting language, India could not cocoon itself from this phenomenon occurring globally. Accordingly, India resolved to converge Indian Accounting Standards with IFRS at the G20 Summit in 2009. Consequentially, a new set of reporting standards known as Ind AS were issued by Accounting Standards Board (ASB) in India. Ind AS or Indian Accounting Standards converged with IFRS have now become the new accounting standards applicable for preparation of financial information by Indian companies. This study discusses how in a phase-wise manner, Ind AS will be implemented and explores the impact of Ind AS transition on selected key accounting areas.

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In the scenario of economic and financial globalization where the countries around the world are moving towards adoption of International Financial Reporting Standards (IFRS) as their financial reporting language, India could not cocoon itself from this phenomenon occurring globally. Accordingly, India resolved to converge Indian Accounting Standards with IFRS at the G20 Summit in 2009. Consequentially, a new set of reporting standards known as Ind AS were issued by Accounting Standards Board (ASB) in India. Ind AS or Indian Accounting Standards converged with IFRS have now become the new accounting standards applicable for preparation of financial information by Indian companies. This study discusses how in a phase-wise manner, Ind AS will be implemented and explores the impact of Ind AS transition on selected key accounting areas.

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Available abstract

In the scenario of economic and financial globalization where the countries around the world are moving towards adoption of International Financial Reporting Standards (IFRS) as their financial reporting language, India could not cocoon itself from this phenomenon occurring globally. Accordingly, India resolved to converge Indian Accounting Standards with IFRS at the G20 Summit in 2009. Consequentially, a new set of reporting standards known as Ind AS were issued by Accounting Standards Board (ASB) in India. Ind AS or Indian Accounting Standards converged with IFRS have now become the new accounting standards applicable for preparation of financial information by Indian companies. This study discusses how in a phase-wise manner, Ind AS will be implemented and explores the impact of Ind AS transition on selected key accounting areas.

Key concepts: Accounting, International Financial Reporting Standards, Financial accounting, Business, Accounting standard, Mark-to-market accounting, Accounting information system, Fund accounting

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