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Research Paper | Accounting | India | Volume 6 Issue 6, June 2017

Adoption of IFRS in India and the Perception of Stakeholders

Vinod Joshua George | KG Sankaranarayanan

Abstract: There has been a long delay since 2008 for the adoption of International Financial Reporting Standards (IFRS) as it was first recommended to have been implemented in India. It was then expected that the new IFRS based standard, Ind AS, would be implemented in India from April 2011. However, despite the Governments interest in implementing the new accounting standards and rightly so, the stakeholders, especially the companies were not ready to adopt the same. The adoption process actually came in April 2015. In this context, the perception of IFRS was sought from three stakeholders who are directly or indirectly are part of the process of implementing Ind AS, i. e. , Chartered Accountants, Financial Managers and Financial Analysts. A survey was conducted among 412 stakeholders from the above of which 47 % of respondents were Chartered Accountants, 20 % and 33 % were Financial Managers and Financial Analysts respectively. The analytical technique used in this study is Multiple Correspondence Analysis (MCA). The study shows that the stakeholders agree on various aspects of implementing Ind AS. The outcome from the study is apparent that CAs and Managers perceive alike and Analysts otherwise as far as the overall perception of implementation of IFRS is concerned.

Keywords: IFRS, Ind AS, Perception, Stakeholder

Edition: Volume 6 Issue 6, June 2017,

Pages: 1827 - 1831