Journal Press India^®

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This paper aims to show overall position of the process of IFRS adoption worldwide as well as in India to harmonize the global financial accounting and reporting system. Worldwide homogeneous accounting standards have been set out by the IASB in form of IFRS. It is generally expected that worldwide adoption of IFRS will be beneficial to investors and other users of financial statements. Out of worldwide 140 jurisdictions as developed by IFRS Foundation, 116 jurisdictions require IFRS for all or most domestic publicly accountable entities in their capital markets. Of the 24 jurisdictions that do not require IFRS for all or most domestic publicly accountable entities, 14 already permit or require IFRS for at least some domestic publicly accountable entities. Only 10 jurisdictions currently do not require or permit IFRS for any domestic publicly accountable entities. One of those (Thailand) is in the process of adopting IFRS in full, and another (Indonesia) is in the process of convergence of its national standards with IFRS. The remaining eight that use national or regional standards are Bolivia, China, Egypt, Guinea-Bissau, Macao, Niger, the United States and Vietnam. Out of the 14 countries that have adopted IFRS for at least some (but not all) domestic publicly accountable entities, India is one of them.

Keywords

Financial Accounting and Reporting System, International Accounting Standard Board (IASB), International Financial Reporting Standards (IFRS), IFRS Foundation.

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