What is meant by convergence to IFRS? Explain and distinguish between

Question

What is meant by convergence to IFRS? Explain and distinguish between Indian AS and International AS.

08 Oct 2024

Answer :

Word Count : 619

Convergence to International Financial Reporting Standards (IFRS) refers to the process of aligning and harmonizing national accounting standards with IFRS to improve the consistency, transparency, and comparability of financial statements across different jurisdictions. This initiative has gained momentum globally, driven by the need for businesses operating in multiple countries to present financial information that is readily understandable to investors, regulators, and other stakeholders. The objective is to reduce discrepancies in financial reporting and enhance the quality of financial information available in the global market.

In India, the Accounting Standards (AS) issued by the Institute of Chartered Accountants of India (ICAI) have been the basis for financial reporting for several years. However, as part of its commitment to aligning with global practices, India has embarked on a journey to converge its accounting standards with IFRS. This led to the introduction of Indian Accounting Standards (Ind AS), which are largely based on IFRS but tailored to ________ __________ ______ ___ _________ ___ ______ _______ __________ _________ _______ _____.
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