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International Financial Reporting Standards (IFRS) & Indian Accounting Practices (Hardcover)
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International Financial Reporting Standards (IFRS) & Indian Accounting Practices (Hardcover)
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The objective of accounting standards is the preparation of
financial statements within the bounds of rationality, thereby
ensuring comparability of financial statements of different
enterprises. This, in turn, provides meaningful information to
various users of financial statements to enable them to make
informed economic decisions. Recognising the need for international
harmonisation of accounting standards, the International Accounting
Standards Committee (IASC) was established in 1973. It was later
reconstituted as the International Accounting Standards Board
(IASB). The objectives of IASC included promotion of the
international accounting standards for worldwide acceptance and
observance so that the accounting standards in different countries
are harmonised. In recent years, need for international
harmonisation of accounting standards followed in different
countries has grown considerably as the cross-border transfers of
capital are becoming increasingly common. Economic reforms
initiated in India since early 1990s have led to increasing
attention being devoted to accounting standards as a means towards
ensuring potent and transparent financial reporting by corporates.
International Financial Reporting Standards (IFRSs), issued by the
International Accounting Standards Board (IASB), as the uniform
language of business to protect the interests of international
investors, have brought into focus the need for reforms in
accounting procedures in different countries. IFRSs have been made
applicable in India from the reporting year 2011 by the Ministry of
Corporate Affairs for specified business entities. The new
accounting norms have posed challenges for business enterprises in
terms of presentation of accounts, and accounting policies and
procedures. This book explains in simple language the requirements
of IFRSs and the attending implementation hurdles.
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