International Reporting Standards: Insights & Implications
| 2024 | |
| Volume - VII, Issue - I |
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| International Reporting Standards: Insights & Implications | |
| Dr. C. S. Pattnaik, Dr. S. K. Chaudhury & Prof. (Dr.) Ashok Kumar Panda | |
| International Reporting Standards | |
| Increasing global interaction marked by the mergers and acquisitions (M & A) culture has changed the socio-economic scenario of the globe in all aspects. Hence there is a need for a universal financial accounting standard that is harmonized and adapted globally. It implies that all the accounting standard settlers worldwide come to the same platform and agree on a single wisecrack. In India, financial reporting is in a stage of transition where many changes are being accounting standards. It is also recognized that having a framework of credible financial reporting standards in India compatible with internationally accepted norms is one of the essential perquisites for attracting foreign investment and globalization. If coherent and consistent internationally accepted accounting procedures and practices are developed, they will encourage free border flow of capital and make substantial investments for the development of the economy. Against this backdrop, the authors havecollaboratively made an effort to bring out the need and significance of unanimously accepted worldwide standards for reporting. The authors have presented by taking relevant insights from reliable secondary sources of data and have brought the implications of these to the limelight of Corporate Governance Practitioners and \Policymakers across the globe for both academic and corporate interests. | |
| International Reporting Standards: Insights & Implications | |
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| Website URLs: https://www.ifrs.org/news-and- events/updates/iasb/2024/iasb-update-april-2024/ https://www.fasb.org/standards/accounting- standard-updates https://sasb.ifrs.org/company-use/ https://integratedreporting.ifrs.org/resource/internat ional-ir-framework/ https://unctad.org/system/files/official- document/iteteb20063_en.pdf https://www.nfcg.in/UserFiles/kumarmbirla1999.pdf |