Global convergence of financial reporting standards: implications for India

This paper investigates the rationale and implications of the step of adapting the International Financial Reporting Standards (IFRSs) to the Indian context , by examining the accounting environment of India, comparing the rate of adoption of IFRSs by the Institute of Chartered Accountants of India (ICAI), voluntary observance of a sample of Indian companies with the IFRSs, and identifying the factors that influenced the Indian Government, and hence the profession, to take this step.