The Role of IFRS in India

Research Proposal

By

ACKNOWLEDGEMENT

I would like to take this chance for thanking my research facilitator, friends and family for the support they provided me and their belief in me, as well as the guidance that they provided me, without which I would have never been able to do this research.

DECLARATION

I, (Your name), would like to declare that all contents included in this proposal stand for my individual work without any aid, and this proposal has not been submitted for any examination at academic as well as professional level, previously. It is also representing my very own views and not essentially those that are associated with university.

Signed __________________ Date _________________

Table of Contents

CHAPTER 1: INTRODUCTION5

Background of the study5

Purpose of the study5

Rational for the study6

Aims and objectives6

Research Questions7

CHAPTER 2: LITERATURE REVIEW8

CHAPTER 3: METHODOLOGY10

Research Design10

Country Selection10

Search Strategy10

Data Extraction strategy11

Result Analysis11

CHAPTER 1: INTRODUCTION

Background of the study

International Financial Reporting Standards (IFRS) are a set of accounting standards related to interpretations and conceptual framework issued by the International Accounting Standards, the IASB (Larson and Street, 2004, pp. 89-90). As India prepares to converge its accounting rules with International Financial Reporting Standards. The world is shrinking as financial markets are growing across borders. Now, as India begins to take a much bigger economic role in a much smaller world, it is preparing to converge with International Financial Reporting Standards (IFRS). In January this year, the Ministry of Corporate Affairs published a roadmap for the country's long expected transition to the new accounting rules. While the implementation date for IFRS in India was delayed by one year to April 1 2011, the change, which companies have known about for more than three years, is on its way, but tax remains a key concern, with more questions coming than answers.

Purpose of the study

The intention of the introduction of IFRS is to ensure direct comparability of financial statements of companies operating in different countries, as required by individual countries accounting principles, and ultimately made on the basis of financial statements of companies, significantly different from each other. This is particularly important in the era of open; global capital market, in which investors invest and assessing the value of companies, are based largely on published their financial data. Global acceptance of IFRS would provide uniform alignment and conformation of financial reporting around the world. The purpose of the study is to examine the challenges of IFRS adoption faced by some developing countries nd the results will be compared with the IFRS implementation in India, including its compliance, transparency and reporting.

Rational for the study

IFRSs are used in many countries, including Australia, India, Japan, Canada, Malaysia, Mexico, Norway, South Africa, Russia, but for the moment only the European Union has the obligation to comply with IFRS for consolidated accounts of all public companies and banks since 2005. In most countries, companies are able, but not the obliged for the implementation of IFRSs for the individual financial statements. Adoption of a common set of accounting standards is necessary, but not sufficient, condition to ...