The economic liberalization process brought sweeping changes in the industrial and financial sectors in India. With the removal of trade-barriers, cross-border investments and acquisitions gradually gathered momentum. This required adaptation to international financial reporting standards which carries several advantages. However even after IFRSconverged standards. (Ind AS) was issued in February 2011, the implementation has been deferred. This paper modestly attempts to summarize the challenges in adoption of IFRS by our country while pointing out its inevitable advantages.
economic liberalization, IASB, IFRS, EU
