Convergence of Indian Accounting Standards with IFRS

Dr. B. Malleswari

Abstract: The integration of Indian corporate is facilitating by the convergence of International Financial Reporting Standards (IFRS) with Indian Accounting Standards (Ind AS) for global exposure. IFRS and Ind AS are almost on par with some replacements of methods, modifications of terminology used for accounting treatment. The diversified accounting principles between countries tend to differentiate in the financial statement preparation and reporting interaction of various environmental variables like rapid expansion of international business, pre-dominance of MNC's, globalization of capital markets and establishment of autonomous accounting bodies and institutions has led to diversity and development of accounting rules, regulations, policies, procedures and framework at international level. In globalization, the international financial reporting practices are well-needed area of specialization. This paper focuses on procedure of issuance of International and Indian Accounting Standard, need of convergence of global accounting standard and key difference in presentation of financial statement under International and Indian Accounting Standards. The main benefit in convergence of accounting standards is common accounting system that is perceived as stable, transparent and fair to investors across the world. Cross-border merger and acquisitions will get a boost by making it easier for the parties involved in as per redrawing the financial statements is a concern. The conflicting legal and regulatory requirements related to financial statements, the technical preparedness of industry and accounting professionals and the economic environment prevailing in the country affects this convergence.

Keywords: Accounting standards, convergence, IFRS, Ind AS

How to Cite?: Dr. B. Malleswari, "Convergence of Indian Accounting Standards with IFRS", Volume 15 Issue 1, January 2026, International Journal of Science and Research (IJSR), Pages: 655-661, https://www.ijsr.net/getabstract.php?paperid=SR26109221101, DOI: https://dx.doi.org/10.21275/SR26109221101