regulatory framework

IFRS - CURRENT STATUS IN INDIA

The paper proposes to carry out the considerable changes required in the regulatory framework for financial reporting in India after convergence with International Financial Reporting Standards (IFRS) till 2011. The paper initiate with a prologue of existing system for financial reporting in India. The convergence of Indian GAAP with IFRS would pose various challenges on the tax and regulatory front, which companies, investors and regulators will have to grapple with.