International Journal of Science and Research (IJSR)

International Journal of Science and Research (IJSR)
Call for Papers | Fully Refereed | Open Access | Double Blind Peer Reviewed

ISSN: 2319-7064

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Research Paper | Finance | India | Volume 8 Issue 12, December 2019

An Analytical Study of Financial Statements Prepared Under IFRS and IGAAP with Special Reference to Risk Perception of Users of Financial Statement


Abstract: Financial statements are the only window available to the outside authorities to measure the internal affairs of an entity. Financial statements provide valuable information regarding the financial position and operational efficiency of an entity. The important financial statements are the Balance Sheet, Profit and Loss Account and Cash Flow Statement. The primary objectives of these statements are to provide financial information to inside and outside authorities to take sound economic decisions. Today globalization and liberalization are not only a concept, but, it is truth that reduces the world as a small highly dynamic economic village. It facilitates the cross-border free flow of goods, services, technologies and capital. The globalization and liberalization policies of governments accelerated the pace of the development of financial globalization and multinational corporations. This necessitated the need for a single set of high quality accounting standards for harmonizing the diverse accounting policies and practices prevailing in the world. That leads to the development of IFRS and IFRS Convergence. In India the implementation process of IFRS Converged Indian Accounting Standards (Ind AS) will be completed by April 2017. Hence in this study the analysis gives a major focus on whether the financial statements prepared under IFRS and IGAAP has a significant differences in therisk perception of users of these statements.

Keywords: Financial Statements, IFRS, IGAAP, Ind AS

Edition: Volume 8 Issue 12, December 2019,

Pages: 614 - 616

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