International Financial Reporting Standards-An Overview

This paper mainly focused on the need for implementing IFRS in India, benefits of IFRS, procedure to implement IFRS in India. It also discusses about the problems related to its implementation. The government initiatives that has led to smooth convergence of IFRS and prevalent Indian accounting standards. It also gives an idea about the difference in reporting mechanism under GAAP and IFRS. Finally it ends with the suggestion about what else that could be done for smooth convergence of IFRS in line with the Indian accounting standards.